Refer to E4-6. Required: Prepare adjusting journal entries at December 31, 2015, for (a) insurance and (b)

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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.

Unadjusted balance in Supplies on December 31, 2015 Unadjusted balance in Supplies Expense on December 31,

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Related Book For  book-img-for-question

Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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