On January 1, DogMart Company purchased a two-year liability insurance policy for $15,000 cash. The purchase was recorded to Prepaid Insurance. Prepare the January 31 adjusting entry. Jan. 31 The supplies account had a beginning balance of $1,522. Supplies purchased during the period totaled $4,231. At the end of the period before adjustment, $506 of supplies was on hand. Prepare the adjusting entry for supplies.

On January 1, DogMart Company purchased a two-year liability insurance policy for $15,000 cash. The purchase was recorded to Prepaid Insurance. Prepare the January 31 adjusting entry. Jan. 31 The supplies account had a beginning balance of $1,522. Supplies purchased during the period totaled $4,231. At the end of the period before adjustment, $506 of supplies was on hand. Prepare the adjusting entry for supplies.

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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