**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…

Answered: Prepare journal entries to record the…

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

Problem 1Q

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Concept explainers

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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