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The following data are available to determine adjusting entries: A) Insurance purchased at the beginning of July for $9,600 provided coverage for twelve months (July
The following data are available to determine adjusting entries: A) Insurance purchased at the beginning of July for $9,600 provided coverage for twelve months (July 2020 through June 2019). The insurance coverage for July through December totaling $4,800 has now been used. B) The company estimates $9,050 in depreciation each year. C) A count showed $94,700 of supplies on hand at the end of the year. D) An additional $440 of interest has been earned but has not yet been uncollected on the outstanding notes receivable. E) Services in the amount of $6,500 were performed for customers who had previously paid in advance. F) Services in the amount of $3,800 were performed; these services have not yet been billed or recorded. Required: a. Prepare the adjusting entries that are required at the end of the period. b. Prepare an adjusted trial balance by completing the related columns in the table below. Complete this question by entering your answers in the tabs below. Prepare the adjusting entries that are required at the end of the period. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 3 4 5 6 Record the adjusting entry for insurance expense expired during the period. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare an adjusted trial balance by completing the related columns in the table below
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