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adjusting Entries The unadjusted trial balance of Lukas Films Corporation includes the following account balances at December 31, 2015, its fiscal year-end. Assume all accounts
adjusting Entries
The unadjusted trial balance of Lukas Films Corporation includes the following account balances at December 31, 2015, its fiscal year-end. Assume all accounts have normal debit or credit balances as applicable. The following information applies at December 31 : Problems=141 a. A physical count of supplies indicates that $100 of supplies have not yet been used at December 31. b. A $75 telephone bill for December has been received but not recorded. c. One day of wages amounting to $125 remains unpaid and unrecorded at December 31 ; the amount will be included with the first Friday payment in January. d. The equipment was purchased December 1 ; it is expected to last 2 years. No depreciation has yet been recorded. e. The prepaid rent is for three months: December 2015, January 2016, and February 2016. f. Half of the unearned advertising has been earned at December 31 . g. The $900 balance in Insurance Expense is for a one-year policy, effective August 1,2015. Required: Prepare all necessary adjusting entries at December 31, 2015. Descriptions are not needed Step by Step Solution
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