Identify the Type of Adjustment Necessary (The Type of Item

question 6

Essay

Identify the type of adjustment necessary (the type of item involved) and record the transaction for the event.Make sure to include the ending balances after adjustment.
Assume that on June 1, 2016, Carter Lights Corp.had paid $1,800 in advance for a 6-month insurance policy.The June 30 adjustment is: $$\begin{array} { | l | c | c | c | c | c | c | } \hline &{ \text { Assets } = } &&&{ \text { Liabilities + Stockholders' Equity } } \\\hline & \text { Cash } & \begin{array} { c } \text { Prepaid } \\\text { Insurance }\end{array} & \begin{array} { c } \text { Office } \\\text { Equipment }\end{array} & \begin{array} { c } \text { Accounts } \\\text { Payable }\end{array} & \begin{array} { c } \text { Common } \\\text { Stock }\end{array} & \begin{array} { c } \text { Retained } \\\text { Earnings }\end{array} \\\hline \text { Beg. Bal. } & - 1,800 & 1,800 & & & & \\\hline \text { Adjustment } & & & & & & \\\hline \text { End. Bal. } & & & & & & \\\hline\end{array}$$ ​
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