Blue Spruce Supply prepares monthly financial statements. Listed below are some salected accounts and thair balances at June 30.Adjustments generally are done monthly, but no adjustments have been made for the month of June, 2024. Blue Spruce has a May 31year and.Prepaid insuranceSuppliesVehiclesAccumulated depreciation - vehiclesNotes payableUnearned revenueService revenue1.Blue Spruce SupplyUnadjusted Trial Balance (partial)June 30, 20242.3.5.An analysis of the account balances by the company's bookkeeper provided the following additional information:No. Date Account TitlesJune 302. June 30Debit$2,7933. June 30500A two-year insurance policy was purchased on March 1, 2024 for $3,192.A physical count of supplies revealed $100 on hand on June 30, 2024.The note payable is for one year at an annual interest rate of 5%, dated June 1, 2024.The vehicle is being depreciated at the rate of $2,100 per year.The amount of rent received in advance that remains unearned at June 30, 2024, is $1,300.4. June 3034,000Using the additional information above, prepare the adjusting entries that should be made by Blue Spruce Sup on June 30. (Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, sele No Entry for theaccount titles and enter O for the amounts. Round answers to 0 decimal places, eg. 125. List all debit entries before credit entries)5. June 30Credit$8,70019,6801,400149,000DebitCredit

Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Answered: Blue Spruce Supply prepares monthly…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Blue Spruce Supply prepares monthly financial statements. Listed below are some salected accounts and their balances at June 30. Adjustments generally are done monthly, but no adjustments have been made for the month of June, 2024. Blue Spruce has a May 31 year and.