Make the year end, 12-31-16, general journal adjustments for Macomb Mold Company. Company only prepares adjustments and financial statements once a year on 12-31. Here is this information to make the adjustments, show calculations:

1 Supplies acct. balance is now 1,840 but an inventory shows on hand.. 1,600.00

2 On 8-1-16 we were paid 5,000 up front for a job we will finish sometime in 2017. On 12-31-16 this job is 20% completed. The orig. collection was credited to unearned rev.

3 For the year, Depreciation on Machinery is 4,350 and on Office Furniture 1,080

4 At 12-31-16 40% of a 22,000 service was completed but can not be invoiced until March, 2017.

5 During the year the company borrowed money from a bank. Interest will be paid 2-15-17 but accrued interest @ 12-31-16 is .. 492.00

6 Company wages are 12,000 a week, paid weekly on Monday for the previous week worked. Assume Dec 31, 2016 falls on a . Monday

7 On 7-1-16 Company paid for a one yr. liability insurance policy where coverage begins 7-1-16. Paid and Debited to the acct. Prepaid Insurance 2,440.00