On November 30, the end of the current fiscal year, the following information is available to assist Allerton Corporation's accountants in making adjusting entries Allertons Supplies account shows a beginning balance of $2,350 Purchases during the year were $4,218 The end of year inventory reveals supplies on hand of $1,397 The Prepaid Insurance account shows the following on November 30 Beginning balance $4,720 July 1 4,200 October 1 7,272 The beginning balance represents the unexpired portion of a one year policy purchased in September of the previous year The July 1 entry represents a new one year policy, and the October 1 entry represents additional coverage in the form of a three year policy The following table contains the cost and annualdepreciationfor buildings and equipment, all of which Allerton purchased before the current year Account Cost Annual Depreciation Buildings $298,000 $16,000 Equipment 374,000 40,000 On October 1, the company completed negotiations with a client and accepted an advance of $18,600 for services to be performed monthly for a year The $18,600 was credited to Unearned ServicesRevenue The company calculated that, as of November 30, it had earned $7,000 on an $11,000 contract that would be completed and billed in January Among the liabilities of the company is a note payable in the amount of $300,000 On November 30, the accrued interest on this note amounted to $18,000 On Saturday, December 2, the company, which is on a six day workweek, will pay its regular employees their weekly wages of $15,000 On November 29, the company completed negotiations and signed a contract to provide services to a new client at an annual rate of $23,000 Management estimates income taxes for the year to be $22,000 Hide 1 Prepare adjusting entries for each item listed above If no entry is required, select No entry required and leave the amount boxes blank For a compound transaction, if an amount box does not require an entry, leave it blank

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On November 30, the end of the current fiscal year, the following information is available to assist Allerton Corporation's accountants in making adjusting entries: Allertons

On November 30, the end of the current fiscal year, the following information is available to assist Allerton Corporation's accountants in making adjusting entries:

Allertons Supplies account shows a beginning balance of $2,350. Purchases during the year were $4,218. The end-of-year inventory reveals supplies on hand of $1,397.
The Prepaid Insurance account shows the following on November 30:

Beginning balance $4,720

July 1 4,200

October 1 7,272

The beginning balance represents the unexpired portion of a one-year policy purchased in September of the previous year. The July 1 entry represents a new one-year policy, and the October 1 entry represents additional coverage in the form of a three-year policy.
The following table contains the cost and annualdepreciationfor buildings and equipment, all of which Allerton purchased before the current year:

Account Cost Annual Depreciation

Buildings $298,000 $16,000

Equipment 374,000 40,000
On October 1, the company completed negotiations with a client and accepted an advance of $18,600 for services to be performed monthly for a year. The $18,600 was credited to Unearned ServicesRevenue.
The company calculated that, as of November 30, it had earned $7,000 on an $11,000 contract that would be completed and billed in January.
Among the liabilities of the company is a note payable in the amount of $300,000. On November 30, the accrued interest on this note amounted to $18,000.
On Saturday, December 2, the company, which is on a six-day workweek, will pay its regular employees their weekly wages of $15,000.
On November 29, the company completed negotiations and signed a contract to provide services to a new client at an annual rate of $23,000.
Management estimates income taxes for the year to be $22,000.

Hide

1. Prepare adjusting entries for each item listed above. If no entry is required, select "No entry required" and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.