general Journal

Question 2 (15 points) Sleeping Beauty Incorporated is finalizing its December 31, 2020 year end. They record adjustments on a monthly basis. They have asked you to complete any required adjusting entries from the following information: a. On July 1st Aurora paid $2400 for a one year insurance policy and posted it to Prepaid Insurance. b. 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. C. The accountant Prince Charming completed the 2020 depreciation schedule using straight-line depreciation, which showed the total depreciation expense for the month should be $12,800. d. The three fairy godmothers 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 Wednesday this year. e Sleeping Beauty Incorporated is providing management services to Wicked Witch Productions Limited for $2500 per week to be billed every four weeks starting December 16, 2020