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Adjusting Entries (20 points) Prepare the adjusting entries for each transaction at December 31st....

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Accounting

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Adjusting Entries (20 points) Prepare the adjusting entries for each transaction at December 31st. Clearly show the debits and credits. a. Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $3,000. b. On July 1 of the current year, a two-year insurance premium amounting to $3,600 was paid in cash and debited in full to Prepaid Insurance Coverage began on July 1 of the current year. No other adjusting entries have been made for this during the year. c. The store used delivery equipment during the year. $25,000 was the estimated annual depreciation. d. At the end of December, the Company had not yet received the December utility billyBased on past experience, Accounting estimated the bill would be approximately $1,500. e. On August 1, the Company borrowed $80,000 from a local bank on a 10 year mortgage. The annual interest rate is 5%

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