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prepare the journa entries for these adjustments and post the entries to the general ledger accounts Lancaster Company must make three adjusting entries on December
prepare the journa entries for these adjustments and post the entries to the general ledger accounts
Lancaster Company must make three adjusting entries on December 31, 201. a. Supplies used, $11,000 (supplies totaling $18,000 were purchased on December 1,201, and debited to the Supplles account) b. Expired insurance, $8,200; on December 1,201, the firm paid $49,200 for six months insurance coverage in advance and debited Prepaid insurance for this amount. c. Depreciation expense for equipment, $5,800. 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. Pont the entries to the general ledger accounts Step by Step Solution
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