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Prepare adjusting journal entries, as needed, for the following items.
A. The Supplies account shows a balance of $550, but a count of supplies reveals only $200 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 $590 in Prepaid Insurance. A review of insurance policies reveals that $160 of insurance is unexpired.
C. Employees work Monday through Friday, and salaries of $3,400 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 $250 that will be paid in early January.

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ayfat23

Answer:

Explanation:

adjusting journal entry in accounting is usually prepared at the end of the period of accounting. It is used to record income as well as expenditure at that particular period.

A.($550- $200)

Dr Supplies Expense 350

Cr To supplies 350

B.)Insurance expense = $130.

C.) Salary expense and salary payable = 3400 × 2 / 5 = $1360.

Dr Salaries expenses 1,360

Cr To prepaid expenses 1360

D.

The Untility Expenses in which the electricity is part of it both (Cr and Dr)= $250

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