Best Company had the following items that require adjustment at year end.

Required:

Prepare the adjusting journal entries needed at December $31.$ If an amount box does not require an entry, leave it blank.

Dec. $31$

Dec. $31$

Dec. $31$

What is the effect on the financial statements if these adjusting entries are not made?

In all these cases,

was originally created when cash was paid. The adjusting entries will affect

account.

If these entries were not made, expenses would be

and assets would be

$.$ In addition, net income will be

What is the balance in prepaid equipment rent, insurance expense, and supplies at December $31?$

Balance in prepaid equipment rent

Balance in insurance expense

Balance in supplies

$

$

$Deferred Expense Adjusting Entries

Best Company had the following items that require adjustment at year end.

Required:

Prepare the adjusting journal entries needed at December $31.$ If an amount box does not require an entry, leave it blank.

Dec. $31$

Dec. $31$

Dec, $31!.$

What is the effect on the financial statements if these adjusting entries are not made?

In all these cases,

was originally created when cash was paid. The adjusting entries will affect

account.

If these entries were not made, expenses would be

and assets would be

$?.$ In addition, net income will be$!.$

What is the balance in prepaid equipment rent, insurance expense, and supplies at December $31?$

Balance in prepaid equipment rent

Balance in insurance expense

Balance in supplies

$

$

$