Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $5,500...
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Accounting
Desoto Company must make three adjusting entries on December 31, 2019.
Supplies used, $5,500 (supplies totaling $9,000 were purchased on December 1, 2019, and debited to the Supplies account).
Expired insurance, $4,100; on December 1, 2019, the firm paid $24,600 for six months insurance coverage in advance and debited Prepaid Insurance for this amount.
Depreciation expense for equipment, $2,900.
Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts
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