Question
Please assist answer the following question using a T account. ADJUSTMENT FOR SUPPLIES On December 31, the trial balance indicates that the supplies account has
Please assist answer the following question using a T account.
ADJUSTMENT FOR SUPPLIES On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal.
ADJUSTMENT FOR INSURANCE On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal.
ADJUSTMENT FOR WAGES On December 31, the trial balance shows wages expense of $600. An additional $200 of wages was earned by the employees, but has not yet been paid. Analyze this adjustment for wages using T accounts, and then formally enter this adjustment in the general journal.
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