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The RCC Company's annual accounting period ends on December 31, 2029. The following information concerns the adjusting entries to be recorded as of that date.
The RCC Company's annual accounting period ends on December 31, 2029. The following information concerns the adjusting entries to be recorded as of that date. 1. The Office Supplies account started the year with a $4,000 balance. During 2029 , the company purchased supplies for $13,400, which was added to the Office Supplies account. The inventory of supplies available on December 31,2029, totaled $1,554. 2. An analysis of the company's insurance policy provided the following facts. The premium for the policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. 3. The company has 1 employee who earned $860 in salaries (per day). She is paid each Monday for her work in the five-day workweek ending on the previous Friday. Assume that December 31, 2029, is a Tuesday, and she worked the first two days of that week. Because New Year's Day is a paid holiday, she will be paid salaries for five full days on Monday, January 6,2030. 4. On December 1, the company rented space to another tenant for $2,800 per month. The tenant paid five months' rent in advance on that date. The payment was recorded with a credit to the Unearned Rent Revenue account. Required: Assume this company only make adjustments at calendar year end. Use the above information to prepare the four adjusting entries as of December 31,2029, on the company's books in good form and clearly marked to be graded manually. Round any amounts to the nearest whole dollar. Answer should be in suggested format: 1. account 1 clearly marked to be graded manually. Round any amounts to the nearest whole dollar. Answer should be in suggested format
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