Flint Hills, Incorporated has prepared a year-end 2024 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. The Supplies account shows a balance of $680, but a count of supplies reveals only $280 on hand. Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $490 in Insurance expense. A review of insurance policies reveals that $160 of insurance is unexpired. Flint Hills employees work Monday through Friday, and salaries of $3,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday. On December 31, 2024, Flint Hills received a bill for $260 for utilities incurred during December. The bill will be paid in early January of 2025. Required: Prepare adjusting journal entries, as needed, for the above items. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Flint Hills, Incorporated has prepared a year-end 2024 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. The Supplies account shows a balance of $680, but a count of supplies reveals only $280 on hand. Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $490 in Insurance expense. A review of insurance policies reveals that $160 of insurance is unexpired. Flint Hills employees work Monday through Friday, and salaries of $3,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday. On December 31, 2024, Flint Hills received a bill for $260 for utilities incurred during December. The bill will be paid in early January of 2025. Required: Prepare adjusting journal entries, as needed, for the above items. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Flint Hills, Incorporated has prepared a year-end 2024
- The Supplies account shows a balance of $680, but a count of supplies reveals only $280 on hand.
- Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $490 in Insurance expense. A review of insurance policies reveals that $160 of insurance is unexpired.
- Flint Hills employees work Monday through Friday, and salaries of $3,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday.
- On December 31, 2024, Flint Hills received a bill for $260 for utilities incurred during December. The bill will be paid in early January of 2025.
Required:
Prepare
Note: If no entry is required for a transaction/event, select "No
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