Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
a. The Supplies account shows a balance of $600, but a count of supplies reveals only $230 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 $550 in Prepaid Insurance. A review of insurance policies reveals that $130 of insurance is unexpired.
c. Employees work Monday through Friday, and salaries of $3,500 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 $250 that will be paid in early January.
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Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for...
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