Business
Business, 18.12.2019 20:31, peralesdavid34

Prepare adjusting journal entries, as needed, for the following items. (a) the supplies account shows a beginning balance of $500. the company purchases an additional $3,500 of office supplies for cash but a count of supplies reveals only $700 on hand at year-end. (b) the company purchases 12 months of insurance on july 1st for $24,000 by debiting prepaid insurance. it is now december 31st and 6 months of insurance has been used. record the necessary adjusting entry as of december 31st. (c) a company borrows $20,000 with 8% interest on october 1st, 2010. this amount plus interest is due on march 31st, 2011. record the adjusting entry on december 31, 2010. (d) at year-end, the company received a utility bill for december's electricity usage of $200 that will be paid in early january. (e) a company purchases new equipment for $24,000 cash on january 1st, 2010. the equipment is expected to have a $6,000 salvage at the end of it's 4 year useful life. record the adjusting entry for depreciation using straight-line as of december 31st, 2010

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