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3. ADJUSTING ENTRIES-Chapter-3. USE THE FOLLOWING ACCOUNTS Supplies, Prepaid Insurance, Supplies...

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3. ADJUSTING ENTRIES-Chapter-3. USE THE FOLLOWING ACCOUNTS Supplies, Prepaid Insurance, Supplies Expense, Salary Expense, Insurance Expense, Salary Payable. Prepare appropriate adjusting entries. (a) [6%] The balance in the pre-paid insurance account, before adjustment at the end of the year, is $6,576. The amount of un-expired insurance is $2,250. Descriptions Ref Debit Credit [6% Jones Realty Company pays weekly salaries of S16,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Tuesday. Descriptions Ref Debit Credit (1) 16% The Supplies account had a beginning balance of $1,350. Supplies purchased during the period totaled $2,500. At the end of the period before adjustment, $250 of supplies was on hand. Prepare the adjusting entry for supplies, Descriptions Ref Debit Credit

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