1. Depreciation on the company's equipment for the year is computed to be $18,000. 2. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains. 3. The Office Supplies account had a $700 debit balance at the beginning of the year; and $3,480 of office supplies were purchased during the year. The December 31 physical count showed $300 of supplies available. Journal entries?
1. Depreciation on the company's equipment for the year is computed to be $18,000. 2. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains. 3. The Office Supplies account had a $700 debit balance at the beginning of the year; and $3,480 of office supplies were purchased during the year. The December 31 physical count showed $300 of supplies available. Journal entries?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. Depreciation on the company's equipment for the year is computed to be $18,000.
2. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs
of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of
unexpired insurance coverage remains.
3. The Office Supplies account had a $700 debit balance at the beginning of the year; and $3,480 of office
supplies were purchased during the year. The December 31 physical count showed $300 of supplies
available.
Journal entries?
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