Exerclse 3-6 (Algo) Preparing adjustIng entrles LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $12,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $890 of unexpired insurance coverage remains. c. The Supplies account had a $570 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the ye ar. The December 31 physical count showed $673 of supplies available. d. One-fith of the work related to $10,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $6,000 debit balance at December 31 before adjusting for the costs of expired prepaid rent. An analysis of the rental agreement showed that $5,110 of prepaid rent had expired. t. Wage expenses of $4,000 have been incurred but are not paid as of December 31 . Prepare adjusting journal entries for the year ended December 31 for each separate situation. Journal entry worksheet 23456 Depreciation on the company's equipment for the year is computed to be $12,000. Nale: Enler debiz befaie ciedis. Exercise 3-6 (Algo) Preparing adjustlng entrles LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $12,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $890 of unexpired insurance coverage remains. c. The Supplies account had a $570 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the ye ar. The December 31 physical count showed $673 of supplies available. d. One-fifth of the work related to $10,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $6,000 debit balance at December 31 before adjusting for the costs of expired prepaid rent. An analysis of the rental agreement showed that $5,110 of prepaid rent had expired. t. Wage expenses of $4,000 have been incurred but are not paid as of December 31 . Prepare adjusting journal entries for the year ended December 31 for each separate situation. Journal entry worksheet unexpired insurance coverage remains. Nale: Enler dediz defare credis. Exerclse 3-6 (Algo) Preparing adjusting entrles LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $12,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $890 of unexpired insurance coverage remains. c. The Supplies account had a $570 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. The December 31 physical count showed $673 of supplies available. d. One-fifth of the work related to $10,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $6,000 debit balance at December 31 before adjusting for the costs of expired prepaid rent. An analysis of the rental agreement showed that $5,110 of prepaid rent had expired. t. Wage expenses of $4,000 have been incurred but are not paid as of December 31 . Prepare adjusting journal entries for the year ended December 31 for each separate situation. Journal entry worksheet The Supplies account had a $570 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. The December 31 physical count showed $673 of supplies available. Nale: Enler debis belale ciedis. Exercise 3-6 (Algo) Preparing adjusting entrles LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $12,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $890 of unexpired insurance coverage remains. c. The Supplies account had a $570 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. The December 31 physical count showed $673 of supplies available. d. One-fifth of the work related to $10,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $6,000 debit balance at December 31 before adjusting for the costs of expired prepaid rent. An analysis of the rental agreement showed that $5,110 of prepaid rent had expired. t. Wage expenses of $4,000 have been incurred but are not paid as of December 31 . Prepare adjusting journal entries for the year ended December 31 for each separate situation. Journal entry worksheet