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Question 24 12 pts Prepare the necessary December 31st adjusting journal...

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Accounting

Question 24
12 pts
Prepare the necessary December 31st adjusting journal entries for Brown Corporation, given the following information:
Brown pays its employees weekly on Fridays. This year, December 31st falls on a Thursday and Brown's employees earn $2,000 each day.
Brown's books show a supplies balance on December 31 of $6,000. A year-end physical count of supplies on December 31 shows a balance of $3,900.
On August 1, Brown purchased a 12-month insurance policy for $4,800.
Brown negotiated a one-year long-term deal with a local university center. Brown is charging the university $300 per month for its delivery services. On June 1st, the university prepaid Brown for the full upcoming year (through May of the next year), paying Brown $3,600. On June 1st, Brown recognized Unearned Revenue of $3,600.
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