December 31,2019

What will be the Month end Adjusting entries of the following:

a.) The unexpired insurance account at December 31st needs to be adjusted to a balance of $7,875.

b.) The depreciation on the equipment is computed on a straight-line basis based on the cost of the assets; for December it works out to $3,051.09.( $1366,131 x 1/10 x 1/12)

c.) The depreciation on the building is computed on a straight-line basis based on the cost of the assets; for December it works out to $5,000.( $1,500,000 x 1/25 x 1/12)

d.) The accrued interest owing on the Note Payable at December 31st at is $1,140

e.) There are accrued property taxes owing for the month of December in the amount of $2,300.

f.) The accrued salaries owing for December 31st ampunts to $1,230

g.) The inventory account needs to be reduced by $6,240 due to an accident in the warrhouse which resulted in some damage to a few pinball machines.