1. The transactions ABC Company for the year 2015 have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for December 2015

Dec. 31 ABC Company shows a balance of $3,000 in the Supplies (asset) account. A physical count indicates $1,000 of supplies on hand at the end of the fiscal period. Journalize the required adjustment for supplies.

Dec. 31 ABC Company paid $2,400 for a two-year insurance policy on January 1 of the current year. Prepare the required adjustment for the expired insurance at the end of the current year

Dec. 31 ABC Company has a $10,000 note payable due March 15 of next year. The note originated on July 1 of the current year and bears interest at the rate of 5%. Prepare the required journal entry to recognize interest expense

Dec. 31 ABC Company received $36,000 on January 1 of the current year for a project to be completed over the next two years. Journalize the adjustment to recognize the income earned on this project at the end of the current year.

Dec. 31 ABC Company has performed $12,000 of services that have not been billed as of fiscal year-end. Prepare the adjusting entry to record the fees earned