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A partial trial balance of Lindy Corporation at December 31, 2020, follows:

		Dr.		Cr.
Supplies		$7,700
Salaries and wages payable				$5,300
Interest receivable		2,760
Prepaid insurance		110,200
Unearned rent revenue				-0-
Interest payable				16,700

Additional adjusting data:

1.		A physical count of supplies on hand on December 31, 2020, totalled $3,700. Through an oversight, the Salaries and Wages Payable account was not changed during 2020. Accrued salaries and wages on December 31, 2020, amounted to $7,400.
2.		The Interest Receivable account was also left unchanged during 2020. Accrued interest on investments amounted to $2,000 on December 31, 2020.
3.		The unexpired portions of the insurance policies totalled $42,600 as at December 31, 2020.
4.		A cheque for $76,000 was received on January 1, 2020, for the rent of a building for both 2020 and 2021. The entire amount was credited to Rent Revenue.
5.		Depreciation on equipment for the year was recorded in error as $4,940 rather than the correct figure of $49,400.
6.		A further review of prior years depreciation calculations revealed that depreciation on equipment of $19,800 had not been recorded. It was decided that this oversight should be corrected by adjusting prior years income.

Assume that Lindy applies IFRS.

(a)

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Your answer is correct.

Assuming that the books have not been closed, what adjusting entries are necessary at December 31, 2020? Ignore income tax considerations. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.	Account Titles and Explanation	Debit	Credit
1.
	(To record supplies used)
	(To accrue salaries and wage expense)
2.
3.
4.
5.
6.

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List of Accounts

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(b)

Assuming that the books have been closed, what adjusting entries are necessary at December 31, 2020? Ignore income tax considerations. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
1.
	(To record supplies used.)
	(To accrue salaries and wage expense.)
2.
3.
4.
5.
6.

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List of Accounts

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