Question

Prepare adjusting journal entries for the year ended Dec 31, 2011 for each of the independent situation in (a) to (f). Assume that the original entries have already been done. You only need to prepared the period ending adjusting entries:

b. The prepaid insurance account had $14,000 debit balance at Dec 31, 2011, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed $2080 of unexpired insurance remaining.

c. The Office Supplies account had a $600 debit balance on January 1, 2011; $5,360 of office supplies were purchased during the year; and the December 31, 2011, count showed that $708 of supplies are on hand

Answer 1

Answer:

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