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Please help, im having trouble answering this one. McGowan Company must make three adjusting entries on December 31,201 a. Supplies used, $9,400 (supplies totaling $14,800
Please help, im having trouble answering this one.
McGowan Company must make three adjusting entries on December 31,201 a. Supplies used, $9,400 (supplies totaling $14,800 were purchased on December 1, 20X1, and debited to the Supplies account) b. Explred insurance, $6,600; on December 1,201, the firm paid $39,600 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount c. Depreciation expense for equipment, $4,200 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts. Complete this question by entering your answers in the tabs below. Prepare the journal entries for the above adjustments. Journal entry worksheet Prepare the adjusting entry for supplies. Note Enter debits before credits Step by Step Solution
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