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flint Hills Inc has prepared a year end 2019 trial balance. certain accounts Flint Hills, Inc. has prepared a year-end 2019 trial balance. Certain accounts
flint Hills Inc has prepared a year end 2019 trial balance. certain accounts Flint Hills, Inc. has prepared a year-end 2019 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. Flint's fiscal year ends at the end of December 1. On December 1, 2019 Flint received $4,000 from a customer as full payment for rental of equipment from December 1, 2019 through March 31, 2020. At the time the $4,000 was collected Flint credited the entire amount to rent revenue (3 points) 2. Before making adjusting entries, Flint had balances in its accounts receivable and allowance for uncollectible accounts of $48,400 and $300, respectively. No receivables were written off during the year. Flint estimates that $2,100 in receivables would not be collected. (3 points) 3. Flint Hills initially records the payments of all insurance premiums as assets. The beginning balance in prepaid insurance was $8,000 and the company paid $15,000 in insurance premiums during the year. A review of insurance policies reveals that $10,000 of insurance is unexpired. (3 points) 4. Flint Hills' employees work Monday through Friday, and salaries of $4,200 per week are paid each Friday. Assume Flint Hills fiscal year-end falls on Wednesday. (3 points) Required: Prepare adjusting journal entries at the 2019 year-end for the above four items. Please be sure to label your answer (e
flint Hills Inc has prepared a year end 2019 trial balance. certain accounts
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