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very urgent Paco Painting Company's year-end is October 31. Based on an analysis of the unadjusted trial balance at October 31, 2022, the following information
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Paco Painting Company's year-end is October 31. Based on an analysis of the unadjusted trial balance at October 31, 2022, the following information was available for the preparation of adjusting entries: ) (a) The prepaid insurance account shows a balance of $1,860, the amount paid for a six month insurance policy purchased on May 1, 2022 (b) The supplies account has an unadjusted balance of $435. A count shows $150 of supplies have now been used (c) Estimated annual depreciation on the truck is $1,725. (d) (e) The October telephone bill arrived after the unadjusted trial balance was prepared, and its $110 amount has not been paid or recorded. A client paid $1,500 for services to be provided equally over five months beginning September 1, 2022. This amount was credited to the unearned revenue account Services performed but unrecorded and uncollected at October 31 total $2,555 (1) (9) The one employee is paid weekly and on October 31 salaries of $420 have accrued but not been recorded. (h) Interest of $75 had accrued but not been recorded on the note payable as at October 31 (0) The prepaid rent account showed a balance of $4,050 This was paid on September 1, 2022 and represents 3 months rent starting on that date. Required: Prepare annual adjusting journal entries on October 31, 2021 in the General Journal provided Step by Step Solution
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