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b. Question 7. Using the following data, prepare the adjusting entries for the month ended December 31, 2019. Insurance in the amount of $700 expired

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b. Question 7. Using the following data, prepare the adjusting entries for the month ended December 31, 2019. Insurance in the amount of $700 expired during December. On December 1, the supplies account had a balance of $400; $2,800 of supplies were purchased during December. A physical count of supplies on December 31 indicated $1,100 on hand. Depreciation on equipment for December is $900. d. Employees are paid $5,000 every Friday for the five-day work week Monday - Friday. They were last paid on Friday, December 26. December 31 is a Wednesday, c. Date Account Titles Rer Debit Credit 3 71 79 2 Question 6. In October 2019, L&M Children's Boutique, Inc. was established in Lafayette, LA to provide designer clothing for infants and 3 children. Bubbles Breaux and Anastasia Lee are the major stockholders in this corporation. Use the following data to prepare the journal 4 entries for the following transactions that occurred during the month of October TS 76 October 1 Stockholders (Bubbles & Anastasia) invested $90,000 cash in the business. 3 Purchased shelves and cash register for $25,000; paid $6.000 down and signed a 1 year 6% note for the balance. 78 6 Hired Trixie Keyes as a sales person. 10 Sold 25 pairs of designer diapers for $60 cach as well as 10 summer swim sets consisting of a stm-blocking swim suit and matching hat) for $150 eac 13 Purchased supplies for $1,300 on account. 82 17 Completed and delivered a special order of customized clothing for a 3 year old for $1,000 on account Received $700 when a customer purchased a gift card to be used in September 84 26 Collected $600 from the transaction on October 17 Paid $6,000 for a one-year insurance policy effective July 1, 2019. Paid $1,000 rent and $800 for utilities used during the month 29 Paid receptionist $1.500 for July BO 81 3 20 27 28 BE 87 Ref Account Titles Debit Credit Date 90

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