Adjusting Entries For the Following 1 An annual insurance policy was purchased on October 1, 2021, effective the same day, for $5,760 cash 2 A count of supplies was also done on December 31, 2021, where $1,340 worth of supplies was found on hand 3 CBCS uses a perpetual inventory system to account for food and other inventories Below is a breakdown of food inventory on hand at December 31, 2021 Cost Net Realizable Value Inventory Raw Ingredients $11,600 $12,400 Inventory Finished Goods $2,000 $1,800 4 The company ran out of cake and pastry flour, which is a key ingredient They placed an order for 50 bags of the flour at a cost $25 each on December 28, 2021 Terms of this order were 2 10, n 30 FOB shipping point The company received an email notifying them of shipment on December 31, 2021, and it generally takes 7 businesses days to deliver Chloe looked forward to replenishing stocks and adding them to inventory upon receipt

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Adjusting Entries For the Following: 1. An annual insurance policy was purchased on October 1, 2021, effective the same day, for $5,760 cash. 2. A

Adjusting Entries For the Following:

1. An annual insurance policy was purchased on October 1, 2021, effective the same day, for $5,760 cash.

2. A count of supplies was also done on December 31, 2021, where $1,340 worth of supplies was found on hand. 3. CBCS uses a perpetual inventory system to account for food and other inventories. Below is a breakdown of food inventory on hand at December 31, 2021:

	Cost	Net Realizable Value
Inventory - Raw Ingredients	$11,600	$12,400
Inventory - Finished Goods	$2,000	$1,800

4. The company ran out of cake and pastry flour, which is a key ingredient. They placed an order for 50 bags of the flour at a cost $25 each on December 28, 2021. Terms of this order were 2/10, n/30 FOB shipping point. The company received an email notifying them of shipment on December 31, 2021, and it generally takes 7 businesses days to deliver. Chloe looked forward to replenishing stocks and adding them to inventory upon receipt.