Question: WORKSHEET Prepare the required adjusting entry for each situation as of December 31, 2018 for (SBAD) Company. Suppose company had received a $1,800 shipment of

WORKSHEET Prepare the required adjusting entry for each situation as of

WORKSHEET Prepare the required adjusting entry for each situation as of December 31, 2018 for (SBAD) Company. Suppose company had received a $1,800 shipment of supplies in October When counting the supplies on December 31, 2018, found only $500 worth of supplies on hand. Suppose (SBAD) had paid $12,000 for six months' rent on September 1, 2018. Suppose (SBAD) had paid $6,000 for one year's insurance on December 1, 2018. The (SBAD) company borrowed $12,000 from a local bank with 10% annual interest rate on August 1, 2018. Principal and interest will be paid on July, 31, 2019 The (SBAD) company calculated its income taxes as $40,000 for the year ended December 31, 2018

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