I need help filling this chart out ASSETS11Cash12Accounts Receivable13Supplies14Prepaid Insurance15Land16Equipment17Accumulated Depreciation-Equipment LIABILITIES21Accounts Payable22Unearned Fees23Salaries Payable24Taxes Payable EQUITY31Common Stock32Retained Earnings33Dividends REVENUE41Fees Earned EXPENSES51Advertising Expense52Insurance Expense53Rent Expense54Salary Expense55Supplies Expense56Utilities Expense57Depreciation Expense59Miscellaneous Expense Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unexpired insurance related to future periods is $2,505. Refer to the Chart of Accounts forexact wording of account titles.PAGE 10JOURNALACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITYAdjusting Entries123 The prepaid insurance account had a beginning balance of $3,420 and was debited for $6,215 of premiums paid during the year.Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $2,505.Refer to the Chart of Accounts for exact wording of account titles.

Insurance policy can not be purchased in the beginning of the year. It is purchased as per…

Answered: Journalize the adjusting entry required…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I need help filling this chart out

ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
15	Land
16	Equipment
17	Accumulated Depreciation-Equipment

	LIABILITIES
21	Accounts Payable
22	Unearned Fees
23	Salaries Payable
24	Taxes Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Rent Expense
54	Salary Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
59	Miscellaneous Expense

Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unexpired insurance related to future periods is $2,505. Refer to the Chart of Accounts for
exact wording of account titles.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
Adjusting Entries
1
2
3

The prepaid insurance account had a beginning balance of $3,420 and was debited for $6,215 of premiums paid during the year.
Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $2,505.
Refer to the Chart of Accounts for exact wording of account titles.

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