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Prepare adjusting entries With formula Example is given in Number 1

Please prepare the adjusting entries for the yearend Duc3, 2020. Assume al the original entries had been recorded in the system. 31-Dec-20 Or. Purchase cost-Residue value Useful life Depreciation Expense decumulated Depreciation office equipment 1 Onlan, business bought one equipment for $36,000. The estimated useful life is 5 years with no residue valee 2 On Dec31, 2020, Business checked unexpired the insurance policy remaining 3.020. And business has $25,000 debit balance on prepaid insurance account at Dec 31, 2020 before any year-end adjusting entries 2 3 On Jan 1, The business has paid one an half year rent $54,000. Now the first year has passed. Please record the adjusting entry on Dec 31, 2020 On Jani, 2020 the business had $920 debit balance. And the additional office supplies $2,530 were purchased during the year. Now on Dec31, 2020, there were only $530 of supplies left over there on hand 5 Three-fourth of the work for $120,000 service fees received in advance has been performed 6 Apr, 2020 the business bouent an auto for 552,000, its estimated useful life is 4 years with residue walue $4.000 at the end of its useful life 7 Dec 31, 2020 the business found unrecorded and unpaid salary and wages for $9,500. The owing amount will be paid in next week 5 & Please also record the lan31, 2021 salary 23,000 payment entry, also inclusive of the unpaid salary part at Dec 31, 2020 from transaction 7

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