Question: Adjusting Entries

In general journal form, record adjusting entries for the foowimg items. Year end is December 31.

Question 2 - Adjusting Entries (b) In general journal form, record adjusting entries for the following items. Year end is December 31. (a) The Prepaid Insurance account shows a debit balance of $3,000, representing the cost of a three-year fire insurance policy that was purchased on October 1 of the current year. The Office Supplies account has a debit balance of $500; a year-end inventory reveals $100 of supplies still on hand. (c) On November 1 of the current year, Rent Earned was credited for $6,000. This amount represented the rent earned for a three-month period beginning November 1. (d) Estimated depreciation on office equipment is $800. (e) Accrued salaries amount to $500