1-6

4 20.00 points Exercise 3-6 Preparing adjusting entries LO P a. Depreciation on the company's equipment for 2015 is computed to be $14,000 b. The Prepaid Insurance account had a S8,000 debit balance at December 31, 2015, before adjusting costs of any expired coverage. An analysis of the company's insurance policies showed that $1,950 of unexpired insurance coverage remains c. The Office Supplies account had a $210 debit balance on December 31,2014, and $2,680 of office supplies were purchased during the year. The December 31, 2015, physical count showed $248 of supplies available d. One-fourth of the work related to $11,000 of cash received i e. The Prepaid Insurance account had a $5,900 debit balance at December 31, 2015, belore adjusting for advance was performed this period had expired t. Wae expenses of $5,000 have been incurred but are not paid as of December 31, 2015 re adusting journal entries for the year ended (date of) December 31, 2015, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts Also assume that fees collected in advance of work are initially recorded as iabilities. View transaction list Journal entry worksheet Depreciation on the company's equipment for 2015 is computed to be $14,000 ote: Enter debits before credits Recoed entry Clear entry Type here to search