Prepare adjusting journal entries, as needed, for the following items. If no entry is required for a transactionevent select No journal entry required" in the first account field.
a The Supplies account shows a balance of $ but a count of supplies reveals only $ on hand at yearend.
b The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at yearend shows a balance of $ in Prepaid Insurance. A review of insurance policies reveals that $ of insurance is unexpired.
c Employees work Monday through Friday, and salaries of $ per week are paid each Friday. The company's yearend falls on Tuesday.
d At yearend, the company received a utility bill for December's electricity usage of $ that will be paid in early January.
Journal entry worksheet
The Supplies account shows a balance of $ but a count of supplies reveals only $ on hand at yearend.
Note: Enter debits before credits.
tableTransactionGeneral Journal,Debit,Credit
