Journalize the adjusting entry needed on December 31, the end of the current accounting year, for...

 

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Journalize the adjusting entry needed on December 31, the end of the current accounting year, for each of the following independent cases. No adjustments were made during the year. 1. The balance in Prepaid Insurance is KD3,600. The payment was made on March 1. 2. Employees are paid each Thursday. The amount of weekly payroll is KD5,000. December 31 is a Tuesday. 3. The business borrowed KD10,000 at interest of 6% per year. The loan was contracted on June 30. 4. The beginning balance of Supplies was KD1,600. During the year, it purchased supplies for KD4,900, and at December 31 the supplies on hand total KD2,000. 7 A▾ BI Ff T:▾ !!! Journalize the adjusting entry needed on December 31, the end of the current accounting year, for each of the following independent cases. No adjustments were made during the year. 1. The balance in Prepaid Insurance is KD3,600. The payment was made on March 1. 2. Employees are paid each Thursday. The amount of weekly payroll is KD5,000. December 31 is a Tuesday. 3. The business borrowed KD10,000 at interest of 6% per year. The loan was contracted on June 30. 4. The beginning balance of Supplies was KD1,600. During the year, it purchased supplies for KD4,900, and at December 31 the supplies on hand total KD2,000. 7 A▾ BI Ff T:▾ !!!

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Adjusting Entries Insurance expenses prepaid Ins... View the full answer