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Problem 3 (Adjusting Entries) he following accounting was obtained from the books of Mo-Caf on...

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Accounting

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Problem 3 (Adjusting Entries) he following accounting was obtained from the books of Mo-Caf on December 31, 2011: 1. On December 1, 2011 Mo-Caf received $ 3,500 in advance for services to be performed next year. The amount was credited in Fees Earned. 2. The amount of insurance that expired for the year is $2,300. 3. A purchase of computer printer for $ 600 on account was recorded as a debit to Office Supplies for $600 and a credit to account payable for $ 600. 4. The office supply account has a balance of $ 2,341. A physical count of inventory revealed a balance of $ 1,232. 5. Salaries of $ 430 were unpaid at December 31. 6. Equipment costing $ 7,500 was purchased on January 1, 2011. The equipment has a useful life of 10 years and a salvage value of $ 2,500. Mo-Caf uses the straight line method of depreciation. Instruction: Prepare the adjusting entries as of December 31, 2011. Mo-Caf is on a calendar year

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