Deferred Expense Adjusting Entries Best Company had the following items that require adjustment at year end. a. Cash for equipment rental in the amount of $3,800 was paid in advance. The $3,800 was debited to prepaid rent when paid. At year end, $2,910 of the prepaid rent had expired. b. Cash for insurance in the amount of $7,400 was paid in advance. The $7,400 was debited to prepaid insurance when paid. At year end, $1,700 of the prepaid insurance was still unused. c. Supplies at the beginning of the year showed a balance of $2,000. Best purchased supplies of $16,553 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand. Required: 1. Prepare the adjusting journal entries needed at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Rent Expense Dec. 31 Dec. 31 Prepaid Rent Insurance Expense Prepaid Insurance Supplies Expense Supplies 890 X 5,700 X V 16,553 X 2,910 7,400 X 4,125 X 2,000 X

Deferred Expense Adjusting Entries Best Company had the following items that require adjustment at year end. a. Cash for equipment rental in the amount of $3,800 was paid in advance. The $3,800 was debited to prepaid rent when paid. At year end, $2,910 of the prepaid rent had expired. b. Cash for insurance in the amount of $7,400 was paid in advance. The $7,400 was debited to prepaid insurance when paid. At year end, $1,700 of the prepaid insurance was still unused. c. Supplies at the beginning of the year showed a balance of $2,000. Best purchased supplies of $16,553 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand. Required