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Prepare adjusting journal entries for the year ended (or date of) December 31,2005 , for...

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Accounting

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Prepare adjusting journal entries for the year ended (or date of) December 31,2005 , for each of these separate situations. a. Depreciation on the company's equipment for 2005 is computed to be $16,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31,2005 , before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $680 of unexpired insurance coverage remains. c. The Office Supplies account had a $415 debit balance on December 31,2004 ; and $2,680 of office supplies was purchased during the year. The December 31,2005 , physical count showed $489 of supplies available. d. One-fifth of the work related to $10,000 cash received in advance was performed this period. e. The Prepaid Insurance account had a $5,600 debit balance at December 31, 2005, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $4,920 of coverage had expired. f. Wage expenses of $4,000 have been incurred but are not paid as of December 31 , 2005

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