Question

In: Accounting

Prepare the necessary adjusting entries at December 31, 2018 for the Hinsdale Company. 1.      On December 1,...

Prepare the necessary adjusting entries at December 31, 2018 for the Hinsdale Company.

1.      On December 1, 2018, the company paid its annual fire insurance premium of $6,000 and debited Prepaid Insurance. The fire policy covers the 12 month period beginning on December 1st.

2. Depreciation on factory equipment is $7,500 for the year.

3.     Employee salaries for the month of December 2018 of $16,000 will be paid on January 20, 2019.

Solutions

Expert Solution

sr no particulars debit credit
1 isnurance premium $                    500.00
to pre paid insurance $           500.00
2 depreciation $                 7,500.00
to factory equipment $       7,500.00
3 salaries $               16,000.00
to salary payable $     16,000.00
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