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:

Material

The substance or matter from which something is or can be made, often used in relation to art, construction, and manufacturing.

Tomb of the Reliefs

An Etruscan burial chamber in Cerveteri, Italy, known for its detailed reliefs and decorations representing daily life and the afterlife.

Everyday Household Items

Objects and tools used on a daily basis in homes for various functions such as cooking, cleaning, and personal care.

Apulu

A statue from the ancient Etruscan civilization representing Apulu (Apollo), showcasing the Etruscan artistic style and religious beliefs.