QUESTION 4 26 MARKS

G Force Company makes year end adjustments. Prepare 5 general journal entries on December 31, 2016 to record the following unrelated YEAR END adjustments.

a	Equipment purchased on October 1st for $3,800 is estimated to have a useful life of three years, after which it will be sold for $2000.
b.	A business has three office employees who each earn $75 per day for a five-day workweek that ends on Friday. The employees were paid on Friday, December 26, and have worked full days on Monday, Tuesday, and Wednesday, December 29, 30, and 31.
c.	The Store supplies account had a balance of $750 at the beginning of January. During the year, $900 of supplies were purchased and debited to the Store supplies account. At the end of the year, a count of supplies revealed a balance of $150.
d.	$15,000 worth of advertising was prepaid on November 1, and debited to the Prepaid advertising account. This was to cover 5 months of advertising beginning on the same date.
e.	An analysis of the companys insurance policies provided these facts:

Policy	Date of Purchase	Years of Coverage	Total Cost
1	April 1, 2015	2	$9600
2	April 1, 2016	3	$7200
3	August 1, 2016	4	$2400