4. in 2018 jhj shoe company purchased supplies paying cash in the amount of 5,000 and...

4. in 2018 jhj shoe company purchased supplies paying cash in the amount of 5,000 and purchased an additinal 10,000 in supplies on account .at the end of the year supllies on hand totaled 4,000.record the journal entry to acquire supplies and the adjusting entry required at year end .your adjusting entry should entry should reflect the fact that beginning supplies for 2018 were 5,000

9. on july ,2017 jhj rental car company purchased a 12 month insurance policy for 1,800.Record the entry to purchase the insurance policy on april 1. also recorded the adjusting required at december 31,2017.

10.on july 1,2018jhj rental car company renewed its insurance coverage at a cost of 2,400.record the entry to renew the policy on july 1,2018 and adjusting entry required o december 31,2018.your adjusting entry should reflect the balance in the preoaid insurance account on january 1,2018

Expert Solution

4) Adjusting entry

Date	account and explanation	Debit	Credit
Dec 31	Supplies expense (5000+15000-4000)	16000
	Supplies		16000
	(To record supplies expense)

9) Journal entry

Date	account and explanation	Debit	Credit
July 1	Prepaid insurance	1800
	cash		1800

Dec 31	Insurance expense	900
	Prepaid insurance		900

10) Journal entry

Date	account and explanation	Debit	Credit
July 1	Prepaid insurance	2400
	cash		2400

Dec 31	Insurance expense	1200
	Prepaid insurance		1200

Balance in Prepaid insurance account = 900

ekkarill92 answered 2 years ago

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