Question: Problem 2 (16 marks) Prepare adjusting entries dated December 31, 2020, based on the following data. a. A two-year insurance policy costing $6,000 was purchased

Problem 2 (16 marks) Prepare adjusting entries dated December 31, 2020,

Problem 2 (16 marks) Prepare adjusting entries dated December 31, 2020, based on the following data. a. A two-year insurance policy costing $6,000 was purchased on October 31, 2020. b. Salaries owed to employees on December 31, 2020, amount to $4,600. c. The balance in Supplies before adjustment is $2,800. A physical count reveals $900 of supplies on hand on December 31, 2020. d. Depreciation on office equipment for the year is $1,869. General Journal Date Accounts Debit Credit

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