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Adjusting journal entries The unadjusted trial balance of Mighty Fine Services Inc. includes the following account balances at December 31, 2019, its fiscal year-end. No
Adjusting journal entries
The unadjusted trial balance of Mighty Fine Services Inc. includes the following account balances at December 31, 2019, its fiscal year-end. No adjustments have been recorded. Assume all accounts have normal debit or credit balances. The following information applies to the fiscal year-end: a. The $600 prepaid insurance is for a one-year policy, effective September 1, 2019. b. A physical count indicates that $300 of supplies is still on hand at December 31. c. Interest on the bank loan is paid on the fifteenth day of each month; the unrecorded interest for the last 15 days of December amounts to $25 Step by Step Solution
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