Montly Adusting Journal Entries JE # Account Name Account Name Debit Amount Credit Amount 1 Insurance Expense $100 Prepaid Insurance $100 2 Depreciation Expense $200 Accumulated Depreciation-Equipment $200 3 Utilities Expense $1,000 Accrued liabilities $1,000 4 Advertising Expense $800 Prepaid Advertising $800 5 Cost of Goods Sold $600 Inventory $600 (Lower of Cost or Market Adjustment) 6 Uncollectible Accounts Expense $100 Allowance for Uncollectible Accounts $100 7 Interest Receivable $110 Interest Revenue $110 8 Rent Expense $1,000 Prepaid Rent $1,000 9 Interest Expense $220 Interest Payable $220 10 Income Tax Expense $120 Deferred federal income taxes $120