There are 4 adjusting and 4 closing journal entries. In order to get full credit for each entry, you should have the correct accounts and the correct amounts for each entry.

1. The supply account currently has a balance of $10,950. However, a physical inventory taken on December 31^st showed $4,200 supplies on hand. Compute and record the adjusting entry for supplies used.
2. The Prepaid Insurance account has a balance of $7,200, which is for twelve months of insurance. Record an adjusting entry to reflect one month of expired insurance.
3. Prepaid Rent currently has a balance of $4,000. As of December 31^st, all of this prepaid rent has expired.Record an adjusting entry to record the expiration of prepaid rent.
4. Depreciation on equipment is $183.00 for the year. Record the adjusting entry to reflect depreciation on the equipment.

Closing Entries:

The following is an Adjusted Trial Balance. Use this data to record the four required closing entries. Please record closing entries below the adjusting entries in your general journal document. Please note that you do not need to consider the adjusting entries you made when doing your closing entries in this case. Included are the adjusted amounts in this trial balance, so complete the four closing entries using the amounts listed in the Adjusted Trial Balance on the next page.

Thank You!