islamic Accounting ->

1. The following transactions took place during 2018 at Diamond Com- pany. Prepare the adjusting journal entries for the year ended December 31, 2018.

Transaction Details

1. Diamond has 10 employees who earn $2,000 per month each. At December 31, two months salaries have been earned by the employ- ees but not paid to them.
2. Received $10,000 cash from a customer on December 1, 2018, for services to be rendered equally for two months starting from Decem- ber 1, 2018. The receipt was credited to a liability account.
3. Purchased equipment costing $72,000 on January 1, 2018. Monthly depreciation is $1,500.
4. Services provided but not billed amounts to $1,000.
5. Purchased $6,000 in supplies during the year and have $1,500 on hand at December 31. There were no supplies on hand at the begin- ning of the year. Supplies were debited to an asset account when purchased.
6. A three-year insurance policy was purchased for $9,000 on July 1, 2018, debiting an asset account at that time.
7. Purchased Emaar stock on January 1, 2018. Dividend of $500 has been earned but not received or recorded prior to December 31.