ACME Distribution, Inc. December 31, 2016 Adjusting Entries Read through each situation below and on the following pages. After completing any necessary calculations prepare the required adjusting journal entry. When preparing the adjusting journal entries, use the account titles from the trial balance or the general ledger. Post each of the entries below to the trial balance and calculate the adjusted account balances. ?h ha 1) A one year insurance policy was purchased on Sept. 30 for a premium of 518000, e below show your calculations to receive full credit. Complete the required year-end (December 31, 2016) adjusting entry below Credit Account description Post the above entry to the trial balance in the adjustment columns. 2) The company's employees are paid weekly and it is open for business Monday through Saturday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $850 per day and they are paid for all holidays. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect cof any related payroll taxes) Debit Credit Account description Post the above entry to the trial balance in the adjustment columns