The following additional information relates to needed adjustments. You must update the accounts from the previous question for Camino Visions.

Adjustments

1.)	A count of inventory showed that $3,000 in office supplies inventory remained at September 30.
2.)	The company's prepaid insurance purchased on September 1 requires an adjustment for the month of September.
3.)	The company's prepaid rent purchased on September 1 requires an adjustment for the month of September.
4.)	Camino Visions has 1 employee who earned a total of $3,400 in salaries during September that will not be paid until October 3.
5.)	The office equipment invested on September 1 must be depreciated. Use the invested value of $50,000 as the cost. The salvage value is expected to be $5,000 at the end of its predicted 5-year life. Depreciation must be recorded for the month of September only.
6.)	The company evaluated work done on the project that was paid for in advance on September 6. Half of the project was completed by September 30. An adjustment to unearned revenue is needed.

Required:

In the space provided (answer area), prepare to adjust journal entries to record your adjustments. You will need to create additional ledgers (T-accounts) for Accumulated Depreciation (165); Salaries Payable (210); Salaries Expense (680); Supplies Expense (685); Rent Expense (687), Insurance Expense (688) and Depreciation Expense (695).

Use the same format as your earlier journal entries.

Answer rating: 100% (QA)

Adjusting Entries Supplies Expense 3000 Inventory 3000 Insurance Expense 500 Prepaid Insurance 500 C... View the full answer