Refer to E4-6. Required: Prepare adjusting journal entries at December 31, 2015, for (a) insurance and (b)
Question:
Refer to E4-6.
Required:
Prepare adjusting journal entries at December 31, 2015, for (a) insurance and (b) supplies.
Data From Exercise 4-6:
Fes Company is making adjusting journal entries for the year ended December 31, 2015. In developing information for the adjusting journal entries, you learned the following:
a. A two-year insurance premium of $7,200 was paid on January 1, 2015, for coverage beginning on that date. As of December 31, 2015, the unadjusted balances were $7,200 for Prepaid Insurance and $0 for Insurance Expense.
b. At December 31, 2015, you obtained the following data relating to supplies.
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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