Journalize the necessary year-end adjusting entries based on the following account balances before adjustments. Cash Supplies Prepaid Insurance a. b. Equipment Accumulated Depreciation-Equipment Accounts Payable Wages Expense Insurance Expense C. Trial Balance (partial) December 31, 20-- d. Account Title Debit Credit 12,340 2,100 1,800 34,000 17,333 3,800 8,000 6,430 The inventory of supplies on hand at December 31, 20--, was $230. The 4-month insurance premium of $1,800 was purchased on December 1, 20--. The $34,000 of equipment was purchased on January 1, three years ago. It has a salvage value of $2,000 and a useful life of 8 years. Straight-line depreciation was used to compute depreciation at the end of last year. Wages accrued at December 31, 20--, were $3,700.

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Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.