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Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a tra journal entry required" in the first account field.) a. The Supplies account shows a balance of $570, but a count of supplies reveals only $280 on hand at year-end. b. The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at y end shows a balance of $600 in Prepaid Insurance. A review of insurance policies reveals that $170 of insurance is unexpired c. Employees work Monday through Friday, and salaries of $3,000 per week are paid each Friday. The company's year-end falls Tuesday. d. At year-end, the company received a utility bill for December's electricity usage of $290 that will be paid in early January View transaction list Journal entry worksheet < 1 2 3 4 The Supplies account shows a balance of $570, but a count of supplies reveals only $280 on hand at year-end <

Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a tra journal entry required" in the first account field.) a. The Supplies account shows a balance of $570, but a count of supplies reveals only $280 on hand at year-end. b. The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at y end shows a balance of $600 in Prepaid Insurance. A review of insurance policies reveals that $170 of insurance is unexpired c. Employees work Monday through Friday, and salaries of $3,000 per week are paid each Friday. The company's year-end falls Tuesday. d. At year-end, the company received a utility bill for December's electricity usage of $290 that will be paid in early January View transaction list Journal entry worksheet < 1 2 3 4 The Supplies account shows a balance of $570, but a count of supplies reveals only $280 on hand at year-end <

FINANCIAL ACCOUNTING
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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Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. The Supplies account shows a balance of $570, but a count of supplies reveals only $280 on hand at year-end. b. The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at year- end shows a balance of $600 in Prepaid Insurance. A review of insurance policies reveals that $170 of insurance is unexpired. c. Employees work Monday through Friday, and salaries of $3,000 per week are paid each Friday. The company's year-end falls on Tuesday. d. At year-end, the company received a utility bill for December's electricity usage of $290 that will be paid in early January. View transaction list Journal entry worksheet 1 2 3 4 The Supplies account shows a balance of $570, but a count of supplies reveals only $280 on hand at year-end. Note: Enter debits before credits. Transaction a General Journal Debit Credit 7 < Prev 3 of 3 Next G
Transcribed Image Text:Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. The Supplies account shows a balance of $570, but a count of supplies reveals only $280 on hand at year-end. b. The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at year- end shows a balance of $600 in Prepaid Insurance. A review of insurance policies reveals that $170 of insurance is unexpired. c. Employees work Monday through Friday, and salaries of $3,000 per week are paid each Friday. The company's year-end falls on Tuesday. d. At year-end, the company received a utility bill for December's electricity usage of $290 that will be paid in early January. View transaction list Journal entry worksheet 1 2 3 4 The Supplies account shows a balance of $570, but a count of supplies reveals only $280 on hand at year-end. Note: Enter debits before credits. Transaction a General Journal Debit Credit 7 < Prev 3 of 3 Next G
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