answer step by step Prepare adjusting journal entries, as needed, for the following items.1. The Supplies account shows a balance of OMR 540, but a count of supplies reveals only OMR 215 on hand.2. Al Seeb Training Centre initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of OMR 400 in Insurance expense. A review ofinsurance policies reveals that OMR 120 of insurance is unexpired.3. Al Seeb Training Centre's employees work Monday through Friday, and salaries of OMR 2,400 per week are paid each Friday. The Centre's year-end falls on Thursday.4. On December 31, 2021, Al Seeb Training Centre received a utility bill for December electricity usage of OMR 195 that will be paid in early January of 2022.

Journal entry is defined as recording of the business transactions into the books of the entity and…

Prepare adjusting journal entries, as needed, for the following items. 1. The Supplies account shows a balance of OMR 540, but a count of supplies reveals only OMR 215 on hand. AI Seeb Training Centre initially records the payments of all insurance premiums as expenses. The trial balance shows a bal nsurance policies reveals that OMR 120 of insurance is unexpired.

Prepare adjusting journal entries, as needed, for the following items. 1. The Supplies account shows a balance of OMR 540, but a count of supplies reveals only OMR 215 on hand. AI Seeb Training Centre initially records the payments of all insurance premiums as expenses. The trial balance shows a bal nsurance policies reveals that OMR 120 of insurance is unexpired.

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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