steps for :

Using the following information prepare the year$-$end adjusting entries and complete the

worksheet.

e date is December $31,2020$

a$.$ A car insurance policy examination shows $$1400$ has expired.

b$.$ A physical count of the inventory for office supplies shows a remaining value of $$640.$

Record the used amount.

c$.$ The estimated amortization of office equipment is $$2,400.$

d$.$ The payroll of the company is done each Friday $($for the previous $5$ days$).$ December $31$ is

on Tuesday. There are three employees and each employee makes $$340$ a day. An

adjusting entry must be made to record the accrued salary for the days accrued for these

employees.

e$.$ The car Mr$.$ Preston uses to drive to the business of his clients cost $$60,000.$ It is

estimated that the car will last $4$ years and will be sold for $$20,000.$ Record depreciation for

one year for the car.

f$.$ On November $1,$ Mr$.$ Preston paid $$20,000$ for $5$ months' rent $($November$,$ December,

January, February, & March$)$ in advance. It is now December $31.$ Record the amount of

rent expired.