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A partial trial balance of Dickinson Ltd. is as follows on December 31, 2020. Dr. Cr. Supplies $ 2,500 Salaries and wages payable $ 1,500

A partial trial balance of Dickinson Ltd. is as follows on December 31, 2020.

Dr.

Cr.

Supplies

$ 2,500

Salaries and wages payable

$ 1,500

Interest receivable

5,100

Prepaid insurance

40,000

Unearned rent

0

Accrued interest payable

15,000

Additional information:

1. Through oversight, the Salaries and Wages Payable account was not record accordingly during 2020. Actual amount of accrued salaries and wages on December 31, 2020, amounted to $4,400.

2. The Interest Receivable account was also left unchanged during 2020. Accrued interest on investments amounts to $4,350 on December 31, 2020.

3. Insurance for one-year period was unintentionally charged to 2020 insurance expense. The company purchased the insurance on April 1, 2020.

4. $36,000 was received on January 1, 2020, for the rent of a building for both 2020 and 2021. The entire amount was credited to rental income.

5. Depreciation for the year on equipment was erroneously recorded as $36,000 rather than the correct figure of $3,600.

6. A further review of depreciation calculations of prior years (i.e., 2018 and 2019) revealed that depreciation of $7,200 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment.

REQUIRED:

Assuming that the books have not been closed, what are the correcting entries necessary at December 31, 2020? (Ignore income tax considerations.)


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