Santiago Company Has Provided Data for the Year-End Adjustments as Follows

question 22

Essay

Santiago Company has provided data for the year-end adjustments as follows: $$\begin{array} { l r } \text { Factory overhead to be applied to work in process ending inventory } & \$ 14,687 \\\text { Interest receivable } & 1,554 \\\text { Office supplies used } & 5,807 \\\text { Factory supplies used } & 8,611 \\\text { Provision for uncollectible accounts (based on percentage of sales) } & 11,734 \\\text { Insurance expired on factory buil ding and equipment } & 2,734 \\\text { Depreciation on factory building } & 16,490 \\\text { Depreciation on factory equipment } & 6,608\end{array}$$ ​
Required:
Prepare the year-end adjusting entries in general journal form.

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Definitions:

Closing Entries

At the close of an accounting period, transactions are documented to move balances from temporary to permanent accounts.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts.

Income Statement

A financial statement that presents the revenues, expenses, and profits or losses of a company over a specified period, typically a quarter or year.

End-of-Year Spreadsheet

A document summarizing financial and accounting information at the conclusion of the fiscal year, aiding in analysis and decision-making.