c. The beginning balance of Office Supplies was $2,300. During the year, Betterton purchased office supplies for $3,000, and at December 31 the office supplies on hand totaled $1,000. d. Betterton prepaid a two full years' insurance on July 1 of the current year, $6,000. Record insurance expense for the year ended December 31. e. Betterton had earned $2,800 of unearned revenue. f. Betterton had incurred (but not recorded) $200 of interest expense on a note payable. The interest will not be paid until February 28. g. Betterton billed customers $3,000 for welding services performed. Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries.

Question
c. The beginning balance of Office Supplies was $2,300. During the year, Betterton
purchased office supplies for $3,000, and at December 31 the office supplies on
hand totaled $1,000.
d. Betterton prepaid a two full years' insurance on July 1 of the current year, $6,000.
Record insurance expense for the year ended December 31.
e. Betterton had earned $2,800 of unearned revenue.
f. Betterton had incurred (but not recorded) $200 of interest expense on a note
payable. The interest will not be paid until February 28.
g. Betterton billed customers $3,000 for welding services performed.
Journalize the adjusting entry needed on December 31 for each situation. Use the
letters to label the journal entries.
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Trial Balance and Adjustement Entries

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Transcribed Image Text

c. The beginning balance of Office Supplies was $2,300. During the year, Betterton purchased office supplies for $3,000, and at December 31 the office supplies on hand totaled $1,000. d. Betterton prepaid a two full years' insurance on July 1 of the current year, $6,000. Record insurance expense for the year ended December 31. e. Betterton had earned $2,800 of unearned revenue. f. Betterton had incurred (but not recorded) $200 of interest expense on a note payable. The interest will not be paid until February 28. g. Betterton billed customers $3,000 for welding services performed. Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries.