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Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Wages of $9,000 are
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Wages of $9,000 are earned by workers but not paid as of December 31. Depreciation on the companys equipment for the year is $10,120. The Supplies account had a $340 debit balance at the beginning of the year. During the year, $4,836 of supplies are purchased. A physical count of supplies at December 31 shows $534 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,800 of unexpired insurance benefits remain at December 31. The company has earned (but not recorded) $750 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. The company has a bank loan and has incurred (but not recorded) interest expense of $4,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. Exercise 3-6 (Algo) Preparing adjusting entries LO P1, P3, P4 For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31
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