3. ADJUSTING ENTRIES-Chapter-3. USE THE FOLLOWING ACCOUNTS Supplies, Prepaid Insurance, Supplies...
50.1K
Verified Solution
Link Copied!
Question
Accounting
3. ADJUSTING ENTRIES-Chapter-3. USE THE FOLLOWING ACCOUNTS Supplies, Prepaid Insurance, Supplies Expense, Salary Expense, Insurance Expense, Salary Payable. Prepare appropriate adjusting entries. (a) [6%] The balance in the pre-paid insurance account, before adjustment at the end of the year, is $6,576. The amount of un-expired insurance is $2,250. Descriptions Ref Debit Credit [6% Jones Realty Company pays weekly salaries of S16,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Tuesday. Descriptions Ref Debit Credit (1) 16% The Supplies account had a beginning balance of $1,350. Supplies purchased during the period totaled $2,500. At the end of the period before adjustment, $250 of supplies was on hand. Prepare the adjusting entry for supplies, Descriptions Ref Debit Credit
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
