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A + T Williamson Company is making adjusting entries for the year ended December 3 1 of the current year. In developing information for the
AT Williamson Company is making adjusting entries for the year ended December of the current year. In developing information for the adjusting entries, the accountant learned the following:
A twoyear insurance premium of $ was paid on October of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October
At December of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents.
Shipping supplies on hand, January of the current year $
Purchases of shipping supplies during the current year
Shipping supplies on hand, counted on December of the current year
Required:
Record the adjusting entry for insurance at December of the current year.
Record the adjusting entry for supplies at December of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies.
What amounts should be reported on the current year's income statement for the following items?
What amounts should be reported on the current year's balance sheet for the following items?
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