Problem A - II Adjusting Entries

The following information for Sarkisian Company is available on June 30, 2015, the end of a monthly accounting period. You are to prepare the necessary adjusting journal entries for Sarkisian Company for the month of June for each situation given. Appropriate adjusting entries had been recorded in previous months. You may omit journal entry explanations.

1. Sarkisian Company purchased a 2-year insurance policy on February 1, 2015 and debited Prepaid Insurance for $4,800. 2. On January 1, 2015, a tenant in an apartment building owned by Sarkisian Company paid $4,200 which represents six months' rent in advance. The amount received was credited to the Unearned Rent account. 3. On June 1, 2015, the balance in the Supplies account was $200. During June, office supplies costing $580 were purchased. A physical count of office supplies at June 30 revealed that there was $140 still on hand. 4. On March 31, 2015, Sarkisian Company purchased a truck for $54,000. It is estimated that the annual depreciation will be $9,000. 5. Sarkisian Company has two employees who earn $100 and $120 per day, respectively. They are paid each Friday for a five-day workweek that begins each Monday. Assume June 30 is a Wednesday in 2015.