Prepare adjusting journal entries, as needed, for the following items. a. The Supplies account shows a balance of $550, but a count of supplies reveals only $250 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 $520 in Prepaid Insurance. A review of insurance policies reveals that $170 of insurance is unexpired. c. Employees work Monday through Friday, and salaries of $2,900 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 $290 that will be paid in early January.

Please see answer in explanatory column

Explanation:

Journal entry to record the supplies expense

Account                          Debit     Credit

Supplies expense         $300

Supplies                                           $300

calculation

Balance - supplies on hand at year end = $550-$250= $300

Journal entry to record the payment of insurance premiums.

Account                          Debit     Credit

Insurance  expense      $170

Prepaid Insurance                             $170

Journal entry to record the payment of employee expense

Account                          Debit     Credit

Salaries   expense      $1,160

Salaries payable                              $1,160

Calculation= work is  being done Monday thru Friday , company year end falls on Tuesday

$2,900 x 2/5 =$1,160

Journal entry to record the expense of utility bill for December's usage paid in January

Account                          Debit                    Credit

Electricity   expense      $290

Electricity Expense  payable                          $290

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