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10 Filint Hills, Inc. has prepared a year-end 2018 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred.
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Filint Hills, Inc. has prepared a year-end 2018 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. 1. The Supplies account shows a balance of $560, but a count of supplies reveals only $220 on hand. 2. Flint Hills Initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $430 in Insurance expense. A review of insurance policies reveals that $130 of insurance is unexpired. 3. Filint Hills employees work Monday through Friday, and salaries of $2,500 per week are paid each Friday. Filint Hills' year-end falls on 4 On December 31, 2018, Flnt Hills received a utility bill for December electricity usage of $200 that will be paid in early January of 2019. Tuesday. Required: Prepare adjusting journal entries, as needed, for the above ltems. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.)Step by Step Solution
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