Using T accounts, record the adjusting entries for each of the sit¬

uations listed below. The last day of the accounting period is December 31.

Salaries for two days are unpaid at December 31. Salaries are $40,000 for a five-day week

b. On August 1, a $1,500 premium was paid on a twelve-month insurance pol^
icy. The amount of the premium was debited to Prepaid Insurance.

c. Before adjustments, the Supplies account has a balance of $3,540. The coui^
of supplies on hand amounts to $2,230.J(2^ li ^

d. Office equipment was purchased on Marelr'3 for $27,000. The expected life of the equipment is ten years, with no trade-in value.
3 TOGO