Question: Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select No journal entry required in the

 Prepare adjusting journal entries, as needed, for the following items. (If
no entry is required for a transaction/event, select "No journal entry required"
in the first account field.) a. The Supplies account shows a balance
or $580, but a count of supplies reveals only $270 on hand
at yearend b. The company initially records the payments of all insurance

Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. The Supplies account shows a balance or $580, but a count of supplies reveals only $270 on hand at yearend b. The company initially records the payments of all insurance premums as prepaid insurance. The unadjusted tral balance at yearend shows a balance of $570 in Prepaid Insurance. A review of insurance policies reveals that $140 of insurance is unexpired. c. Employees work Monday through Friday, and salaries of $3.300 per week are paid each Friday. The company's year-end falls on Tuesday d. At yearenid, the company received a utiity bill for December's electricity usage of 5290 that will be paid in carly danuary. Journal entry worksheet The Supplies account thowir a balance of 5580 , but a count of suppitet reveale brily 5270 on hand at yeat-end Wuasi folw datote belure irnate Journal entry worksheet The Supplies account shows a balance of $580, but a count of supplies reveals only $270 on hand at year-end. Note: Enter debits before credits. Journal entry worksheet The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at year-end shows a balance of $570 in Prepaid Insurance. A review of insurance policies reveals that $140 of insurance is unexpired. Note: Enter debits before credits. Journal entry worksheet 4 Ermployees work Monday through Friday, and salaries of $3,300 per week are paid each Friday. The company's year-end falls on Tuassday. Notel Einter deblo belare credits. Journal entry worksheet At year-end, the company received a utility bill for December's electricity usage of $290 that will be paid in early January, Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!