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any a. Depreciation on the company's equipment for the year is computed to be $17,000. b. The Prepaid Insurance account had a $6,000 debit
any a. Depreciation on the company's equipment for the year is computed to be $17,000. b. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of a expired coverage. An analysis of the company's insurance policies showed that $1,850 of unexpired insurance coverage remains. c. The Supplies account had a $480 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. The December 31 physical count showed $566 of supplies available. d. Three-fourths of the work related to $13,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $5,000 debit balance at December 31 before adjusting for the costs of expired prepaid rent. An analysis of the rental agreement showed that $3,150 of prepaid rent had expired. f. Wage expenses of $3,000 have been incurred but are not paid as of December 31.
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