Prepare Adjusting Journal Entries,as Needed,for the Following Items

question 147

Essay

Prepare adjusting journal entries,as needed,for the following items.
(a)The Supplies account shows a balance of $500,but a count of supplies reveals only $200 on hand at year-end.
(b)The company initially records the payments of all insurance premiums as prepaid insurance.The unadjusted trial balance at year-end shows a balance of $500 in Prepaid Insurance.A review of insurance policies reveals that $100 of insurance is unexpired.
(c)Employees work Monday through Friday,and salaries of $2,500 per week are paid each Friday.The company's year-end falls on Tuesday.
(d)At year-end,the company received a utility bill for December's electricity usage of $200 that will be paid in early January.

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