Jackson, Inc. has prepared a year-end 2024 trial balance. Certain accounts in the trial balance do...

 

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Jackson, Inc. has prepared a year-end 2024 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. 1. The Supplies account shows a balance of $2,540, but a count of supplies reveals only $1,340 on hand. 2. Jackson initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $4,200 in Insurance Expense. A review of insurance policies reveals that $1,250 of insurance is unexpired. 3. Jackson employees work Monday through Friday, and salaries of $3,000 per week are paid each Friday. Jackson's' year-end falls on Tuesday. 4. On December 31, 2024, Jackson received a utility bill for December electricity usage of $860 that will be paid in early January 2025. 5. Interest has accrued on a $50,000, 12% note payable, issued on September 1. 6. Jackson owns bonds of another corporation as an investment that pay annual interest of $1,200. These bonds were purchased on May 1, 2024, and the next interest payment will be received on May 1, 2025. Required: Prepare annual adjusting entries based on the information above. Jackson, Inc. has prepared a year-end 2024 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. 1. The Supplies account shows a balance of $2,540, but a count of supplies reveals only $1,340 on hand. 2. Jackson initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $4,200 in Insurance Expense. A review of insurance policies reveals that $1,250 of insurance is unexpired. 3. Jackson employees work Monday through Friday, and salaries of $3,000 per week are paid each Friday. Jackson's' year-end falls on Tuesday. 4. On December 31, 2024, Jackson received a utility bill for December electricity usage of $860 that will be paid in early January 2025. 5. Interest has accrued on a $50,000, 12% note payable, issued on September 1. 6. Jackson owns bonds of another corporation as an investment that pay annual interest of $1,200. These bonds were purchased on May 1, 2024, and the next interest payment will be received on May 1, 2025. Required: Prepare annual adjusting entries based on the information above.