Assume the same scenario from STEP 1 and Green Neighbors closes the books and makes adjustments every month: (look at the image that has data)1 Supplies on May 31, 2020 were $1,000.2 Paid $3,000 cash for 5 months' insurance.3 At the end of this month, there were $160 of depreciaiton on building and $250 of depreciation on equipment.Please prepare the necessary adjusting entries in the general journal as of May 31. Then, post entries to ledger. Green NeighborsGeneral JournalDate Enter both Account Titles and ExplanationDebitCredit DateParticularsDebit ( $) Credit ( $)05-01-20 Prepaid insurance A/c3000To Cash A/c3000( Being record of prepaid insurance)05-03-20 Accounts receivable A/c2200To Service revenue A/c|( Being record of service rendered)220005-10-20 Truck A/c15000To Cash A/c1000To Accounts payable A/c( Being record of Truck purchased)1400005/15/20 Supplies A/c500To Cash A/c500( Being record of supplies purchased)05/21/20 Cash A/c400To Unearned revenue A/c400Being record of cash received in advance )

Name: Assume the same scenario from STEP 1 and Green Neighbors closes the bo
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Description: Assume the same scenario from STEP 1 and Green Neighbors closes the books and makes adjustments every month: (look at the image that has data)1 Supplies on May 31, 2020 were $1,000.2 Paid $3,000 cash for 5 months' insurance.3 At the end of this month

Adjusting entry are those entry made at the end of the year. Certain transaction's balances can be…

Answered: Assume the same scenario from STEP 1…

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Assume the same scenario from STEP 1 and Green Neighbors closes the books and makes adjustments every month: (look at the image that has data) 1 Supplies on May 31, 2020 were $1,000. 2 Paid $3,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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