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Please prepare adjusting journey entries for each scenario. Exercise 3-6 (Algo) Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for
Please prepare adjusting journey entries for each scenario.
Exercise 3-6 (Algo) Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $15,000 b. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,010 of unexpired insurance coverage remains c. The Supplies account had a $580 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. The December 31 physical count showed $684 of supplies available. d. One-fourth of the work related to $11,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $5,000 debit balance at December 31 before adjusting for the costs of expired prepaid rent. An analysis of the rental agreement showed that $3,990 of prepaid rent had expired. 1. Wage expenses of $1,000 have been incurred but are not paid as of December 31, Prepare adjusting Journal entries for the year ended December 31 for each separate situation Step by Step Solution
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