Record the December 31 Adjusting Entries for the Following Transactions

question 93

Essay

Record the December 31 adjusting entries for the following transactions and events in general journal form.Assume that December 31 is the end of the annual accounting period.
a.The Prepaid Insurance account shows a debit balance of $2,340,representing the cost of a two-year fire insurance policy that was purchased on October 1 of the current year and has not been adjusted to-date.
b.The Store Supplies account has a debit balance of $400;a year-end inventory count reveals $80 of supplies still on hand.
c.On November 1 of the current year,Rent Earned was credited for $1,500.This amount represented the rent earned for a three-month period beginning November 1.
d.Estimated depreciation on store equipment is $600.
e.Accrued salaries amount to $1,400.

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Definitions:

Genetic Defects

Abnormalities in an organism's DNA that lead to diseases or malformations, sometimes hereditary and can be present at birth or develop over time.

Cloning Mammals

The process of creating a genetically identical copy of a mammal by using the DNA from a somatic cell.

Progeny

Progeny are the offspring or descendants of living organisms, representing the next generation.

Totipotency

The ability of a cell to differentiate into any type of cell in an organism, including the extraembryonic or placental cells.