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. a) The Supplies account shows a balance of $880, but a count of supplies reveals only $380 on hand. b) Flint Hills initially records the payments of all insurance premiums by debiting the Prepaid Insurance account. The trial balance shows a balance of $590 in the account. A review of insurance policies reveals that $210 of insurance is unexpired. c) Flint Hills employees work Monday through Friday, and salaries of $4,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday. d) On December 31, 2024, Flint Hills received a bill for $360 for utilities incurred during December. The bill will be paid in early January of 2025. e) On December 1, Flint Hills paid rent in advance in the amount of $6,000 for the months of December, January and February. The Prepaid Rent accounts was debited. f) Depreciation on the equipment for the month of December is $1,500. Required: Prepare adjusting journal entries, as needed, for the above items.
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. a) The Supplies account shows a balance of $880, but a count of supplies reveals only $380 on hand. b) Flint Hills initially records the payments of all insurance premiums by debiting the Prepaid Insurance account. The trial balance shows a balance of $590 in the account. A review of insurance policies reveals that $210 of insurance is unexpired. c) Flint Hills employees work Monday through Friday, and salaries of $4,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday. d) On December 31, 2024, Flint Hills received a bill for $360 for utilities incurred during December. The bill will be paid in early January of 2025. e) On December 1, Flint Hills paid rent in advance in the amount of $6,000 for the months of December, January and February. The Prepaid Rent accounts was debited. f) Depreciation on the equipment for the month of December is $1,500. Required: Prepare adjusting journal entries, as needed, for the above items.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- 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.
a) The Supplies account shows a balance of $880, but a count of supplies reveals only $380 on hand.
b) Flint Hills initially records the payments of all insurance premiums by debiting the Prepaid Insurance account. The trial balance shows a balance of $590 in the account. A review of insurance policies reveals that $210 of insurance is unexpired.
c) Flint Hills employees work Monday through Friday, and salaries of $4,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday.
d) On December 31, 2024, Flint Hills received a bill for $360 for utilities incurred during December. The bill will be paid in early January of 2025.
e) On December 1, Flint Hills paid rent in advance in the amount of $6,000 for the months of December, January and February. The Prepaid Rent accounts was debited.
f)
Required: Prepare
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