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Provide the adjusting journal entry assuming that the year end is 12/31 The Supplies account had a beginning balance of $215 on Jan 1, a
Provide the adjusting journal entry assuming that the year end is 12/31
- The Supplies account had a beginning balance of $215 on Jan 1, a total of $1,500 of supplies were purchased during the year and the ending inventory of supplies is $600.
- Employees are paid $15,000 per week and on 12/31 the employees had worked 4 days for which they will be paid in January.
- On 10/1 a total of $12,000 was received for services to be performed over the next year.
- On 6/1 a 3 year insurance policy was purchased for $7,200
- Employees are paid $10,000 biweekly and worked one day in the period ended 12/31 for which they will be paid in January
- A total of $12,000 was paid in advance for rent expense for 12 months on 8/1.
- The Supplies account had a beginning balance of $750 on Jan 1, a total of $1,100 of supplies were purchased during the year and the ending inventory of supplies is $250.
- On 6/30 a total of $36,000 was received for services to be performed over the next year.
- The supplies account had a beginning balance of $500 on Jan 1, a total of $4,500 of supplies were purchased during the year and the ending inventory of supplies is $300.
- The company agreed to provide security services in the months of December and January. The December services have been completed as of 12/31 and the client will pay the amount for both months in January when the services for both months are complete. The total for both months is $5,000. The job in December was $2,500 and the job in January was $2,500.
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