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Question Prepare general journal entries on December 31,2020 to record the following unrelated year-end adjustments. (Show your work for full credit - 12 points) a.
Question Prepare general journal entries on December 31,2020 to record the following unrelated year-end adjustments. (Show your work for full credit - 12 points)
a. Estimated depreciation on office equipment for the year, $5,500.
b. The Prepaid Insurance account has a $6,830 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired.
c. The Prepaid Insurance account has a $4,800 debit balance before adjustment. An examination of insurance policies shows $1,200 of unexpired insurance.
d. The company has three office employees who each earn $150 per day for a five- day workweek that ends on Friday. The employees were paid on Friday, December 26, and have worked full days on Monday, Tuesday, and Wednesday, December 29, 30, and 31.
e. On November 1, the company received 6 months' rent in advance from a tenant whose rent is $900 per month. The $5,400 was credited to the Unearned Rent account.
f. The company collects rent monthly from its tenants. One tenant whose rent is $950 per month has not paid his rent for December.
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