Information about certain account balances in the trial balance of Vol Corporation on December 31, 2019, follows:

1. Balance in Raw Materials Inventory account that reflects the beginning balance, December 31, $52,000; physical count on December 31 that reflects the ending balance, $50,000
2. Balance in Prepaid Insurance account, $22,500; insurance expired, $18,000
3. Balance in Direct Labor account, $100,000; accrued direct labor, $7,000
4. Balance in Factory Supplies on Hand account, $8,500; physical count shows supplies on hand, $600

Record the following in the general journal:

1. Prepare the adjusting entries as of December 31, 2019.
2. Prepare the closing entries as of December 31, 2019.
3. Prepare the reversing entries on January 1, 2020.

Journal entry worksheet

• Record the transfer of beginning raw materials inventory.

Note: Enter debits before credits.

	Date General Journal Debit Credit Dec 31, 2019

Journal entry worksheet

• Record the transfer of ending raw materials inventory.

Note: Enter debits before credits.

	Date General Journal Debit Credit Dec 31, 2019

Journal entry worksheet

• Record the insurance expired.

Note: Enter debits before credits.

	Date General Journal Debit Credit Dec 31, 2019

Journal entry worksheet

• Record the accrued direct labor.

Note: Enter debits before credits.

	Date General Journal Debit Credit Dec 31, 2019

Journal entry worksheet

• Record the change in the factory supplies account.

Note: Enter debits before credits.

	Date General Journal Debit Credit Dec 31, 2019

Journal entry worksheet

• Record the closing entry for expenses.

Note: Enter debits before credits.

	Date General Journal Debit Credit Dec 31, 2019

Journal entry worksheet

• Record the closing entry for the balance of Manufacturing summary.

Note: Enter debits before credits.

	Date General Journal Debit Credit Dec 31, 2019

Journal entry worksheet

• Record the reversing entries on January 1, 2020.

Note: Enter debits before credits.

	Date General Journal Debit Credit Jan 01, 2020