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Dove Incorporated is finalizing its December 31, 2020 year end. They have asked you to complete any required adjusting entries from the following information: On
Dove Incorporated is finalizing its December 31, 2020 year end. They have asked you to complete any required adjusting entries from the following information:
- On July 1st Aurora paid $2,400 for a one-year insurance policy and posted it to Prepaid Insurance.
- As of December 31, 2020, the company had a balance of $3,200 in office supplies. At year end a count was performed and said there was $530 of supplies still on hand.
- The accountant completed the 2020 depreciation schedule using straight-line depreciation, which showed the total depreciation expense for the year should be $12,800.
- The three employees who work at the plant are each paid $500 a day from Monday to Friday. They are paid on Saturday of each week. December 31, 2020 falls on a Thursday this year.
- On November 1, 2020, Dove Inc. prepaid $12,000 for six months rent.
Required:
Prepare adjusting journal entries as of December 31st, 2020 for the above transactions. Descriptions are not required.
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