Journalize the necessary year-end adjusting entries based on the following account balances before adjustments. Cash Supplies Prepaid Insurance a. b. Equipment Accumulated Depreciation-Equipment Accounts Payable Wages Expense Insurance Expense C. Trial Balance (partial) December 31, 20-- d. Account Title Debit Credit 12,340 2,100 1,800 34,000 17,333 3,800 8,000 6,430 The inventory of supplies on hand at December 31, 20--, was $230. The 4-month insurance premium of $1,800 was purchased on December 1, 20--. The $34,000 of equipment was purchased on January 1, three years ago. It has a salvage value of $2,000 and a useful life of 8 years. Straight-line depreciation was used to compute depreciation at the end of last year. Wages accrued at December 31, 20--, were $3,700.

Journalize the necessary year-end adjusting entries based on the following account balances before adjustments. Cash Supplies Prepaid Insurance a. b. Equipment Accumulated Depreciation-Equipment Accounts Payable Wages Expense Insurance Expense C. Trial Balance (partial) December 31, 20-- d. Account Title Debit Credit 12,340 2,100 1,800 34,000 17,333 3,800 8,000 6,430 The inventory of supplies on hand at December 31, 20--, was $230. The 4-month insurance premium of $1,800 was purchased on December 1, 20--. The $34,000 of equipment was purchased on January 1, three years ago. It has a salvage value of $2,000 and a useful life of 8 years. Straight-line depreciation was used to compute depreciation at the end of last year. Wages accrued at December 31, 20--, were $3,700.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 13PB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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