I have to create adjusting journal entries and prepare an adjusted trial balance. The following is...

I have to create adjusting journal entries and prepare an adjusted trial balance. The following is the data I am given plus the unadjusted trial balance. What are the adjusting entries with this information?

a. $4,350 of prepaid insurance expired during the period

b. the company estimates depreciation expense of $8,150 for the period

c. a count showed earned $85,700 of supplies on hand

d. interest earned and recieveable on the outstanding notes recieveable is $260 for the period

Expert Solution

Ans:

Adjusting Journal Entries:

1. Insurance Expenses Dr 4350

To Prepaid Insurance 4350

2. Depreciation Expenses Dr 8150

To Accumlated Depreciation 8150

3. Supplies Expenses Dr 85700

To Supplies 85700

4. Interest Receivable Dr 260

To Interest Income 260

ekkarill92 answered 1 year ago

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