**Prepare Journal Entries to Record Adjustments**Prepare journal entries to record the following adjustments. If an amount box does not require an entry, leave it blank.**A.** Insurance that expired this period, $18,200 **B.** Depreciation on assets, $5,700 **C.** Salaries earned by employees but unpaid, $2,200 For each adjustment, select the appropriate account from the dropdown list provided and enter the corresponding amounts in the provided boxes.### Dropdown Options:- Accumulated Depreciation- Depreciation Expense- Insurance Expense- Salaries Expense- Salaries Payable**Instructions for Completing the Journal Entries:**1. **A. Insurance Adjustment:** - Use "Insurance Expense" for the expired insurance. - Enter $18,200 in the amount box.2. **B. Depreciation Adjustment:** - Use "Depreciation Expense" and "Accumulated Depreciation". - Enter $5,700 in the amount boxes.3. **C. Salaries Adjustment:** - Use "Salaries Expense" and "Salaries Payable". - Enter $2,200 in the amount boxes.Ensure all adjustments reflect the expenses accurately in the financial records.

Journal entries:- Journal entries are the initial entries that are recorded in the books of accounts and using these entries we will prepare ledger, trial balance, p&l a/c and balance sheet which will tell us the total assets and liabilities of the company at the end of the year. Journal entries 1. Expired insurance Insurance a/c Dr $18200 To prepaid insurance $18200 (Being prepaid insurance expired) 2. Depreciation expenses a/c Dr $5700 To accumulated depreciation $5700 (Being depreciation expenses recorded) 3. Salaries expenses a/c Dr $2200 To salaries payable a/c $2200 (Being salaries unpaid)

Answered: Prepare journal entries to record the…

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Prepare journal entries to record the following adjustments. If an amount box does not require an entry, leave it blank.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

**Prepare Journal Entries to Record Adjustments**

Prepare journal entries to record the following adjustments. If an amount box does not require an entry, leave it blank.

**A.** Insurance that expired this period, $18,200
**B.** Depreciation on assets, $5,700
**C.** Salaries earned by employees but unpaid, $2,200

For each adjustment, select the appropriate account from the dropdown list provided and enter the corresponding amounts in the provided boxes.

### Dropdown Options:
- Accumulated Depreciation
- Depreciation Expense
- Insurance Expense
- Salaries Expense
- Salaries Payable

**Instructions for Completing the Journal Entries:**
1. **A. Insurance Adjustment:**
- Use "Insurance Expense" for the expired insurance.
- Enter $18,200 in the amount box.

2. **B. Depreciation Adjustment:**
- Use "Depreciation Expense" and "Accumulated Depreciation".
- Enter $5,700 in the amount boxes.

3. **C. Salaries Adjustment:**
- Use "Salaries Expense" and "Salaries Payable".
- Enter $2,200 in the amount boxes.

Ensure all adjustments reflect the expenses accurately in the financial records.

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