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Business, 19.05.2020 20:00 prettypb123
Flint Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. The Supplies account shows a balance of $940, but a count of supplies reveals only $410 on hand. Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $620 in Insurance expense. A review of insurance policies reveals that $225 of insurance is unexpired. Flint Hills employees work Monday through Friday, and salaries of $4,400 per week are paid each Friday. Flint Hills' year-end falls on Tuesday. On December 31, 2021, Flint Hills received a utility bill for December electricity usage of $390 that will be paid in early January of 2022. Required: Prepare adjusting journal entries, as needed, for the above items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Flint Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance...
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