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 $250 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 $520 in Prepaid Insurance. A review of insurance policies reveals that $170 of insurance is unexpired. c. Employees work Monday through Friday, and salaries of $2,900 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 $290 that will be paid in early January.

Please see answer in explanatory column

Explanation:

Journal entry to record the supplies expense

Account                          Debit     Credit

Supplies expense         $300

Supplies                                           $300

calculation

Balance - supplies on hand at year end = $550-$250= $300

Journal entry to record the payment of insurance premiums.

Account                          Debit     Credit

Insurance  expense      $170

Prepaid Insurance                             $170

Journal entry to record the payment of employee expense

Account                          Debit     Credit

Salaries   expense      $1,160

Salaries payable                              $1,160

Calculation= work is  being done Monday thru Friday , company year end falls on Tuesday

$2,900 x 2/5 =$1,160

Journal entry to record the expense of utility bill for December's usage paid in January

Account                          Debit                    Credit

Electricity   expense      $290

Electricity Expense  payable                          $290

answer(c) factors of production;

since the options are not listed, when you are working on your budget you should also add water, tv, internet, miscellaneous and your 'fun' money for in your budget. when budgeting, you need to allow for fun money, and mis/accidental money so that you stick to the budget and not go crazy because you feel strapped to the budget.