question

1.a. The account balances of Ramadan Company at December 31, 2020 are shown by the following alphabetical list:

Accounts Payable 526,000 Accounts Receivable 38000 Buildings 240000 Cash ODOES Equipment 142000 Land E4000 Notes Payable OOODET Notes Receivable 16200 Share Capital-Ordinary 359400 Supplies 2200 Instructions : Prepare a trial balance with the accounts arranged in proper order.Skylines COMPANY Trial Balance (Selected Accounts) September 30, 2020 Debit Credit Supplies E 5,400 Prepaid Insurance 6,240 Office Equipment 32,400 Accumulated Depreciation-Equipment E2,000 Note: Debit column does not equal credit column because this is a partial listing of selected account balances) An analysis of the account balances by the company's accountant provided the following additional information: 1. A physical count of office supplies revealed $1,600 on hand on September 30. 2. A two-year insurance policy was purchased on September 1 for 86,240. 3. Office equipment depreciated 86,000 per year. Instructions: Using the above additional information, prepare the adjusting entries that should be made by Skylines Company on September 30. Solution GENERAL JOURNAL DATE ACCOUNT TITLES DEBIT CREDIT Sep 30 Sep 30 Sep 30