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Please help me understand how to solve this. I don't understand. TYIA. This is all of the information available. The unadjusted trial balance of Sketch
Please help me understand how to solve this. I don't understand. TYIA. This is all of the information available.
The unadjusted trial balance of Sketch Star Makers Incorporated, prepared as of December 31,2022 , includes the following account balances. All of the accounts listed have normal balances. The following information is also available: A) After a count of supplies, there were $500 worth of supplies remaining on hand at December 31, 2022 . B) An insurance policy, purchased on January 1, 2022, covers five years. C) The equipment depreciates at a rate of $1,100 per year; no depreciation has been recorded for 2022 . D) One half (or 50% ) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2022. E) The accrued amount of salaries and wages at December 31,2022 is $2,100. Required: Prepare the required adjustments for the company as of December 31, 2022. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 5 After a count of supplies, there were $500 worth of supplies remaining on hand at December 31, 2022. Record the adjusting entry. Note: Enter debits before creditsStep by Step Solution
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