Prepare Adjusting Entries Dated December 31,2013,based on the Following Data

question 7

Essay

Prepare adjusting entries dated December 31,2013,based on the following data.
a.A two-year insurance policy costing $3,000 was purchased on October 31,2013.
b.Salaries owed to employees on December 31,2013,amount to $2,300.
c.The balance in Supplies before adjustment is $1,400.A physical count reveals $450 of supplies on hand on December 31,2013.
d.Depreciation on office equipment for the year is $1,869.
e.Unearned Service Revenue has a balance of $4,200 before adjustment.Records show that $2,725 of that amount has been earned by December 31,2013.

---

Definitions:

Cylinders

Geometric shapes or mechanical parts that are solid and have straight parallel sides with a circular or oval cross-section and equally shaped ends.

Drill Bits

Cutting tools used to remove material to create holes, almost always of circular cross-section.

Taper Ratio

The ratio describing how much a tapered feature reduces in diameter over a specified length.

Taper Angle

The angle at which a tapered feature decreases in diameter from one part to another.