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  3. the supplies account had a balance of $600 dollars

The supplies account had a balance of $600 dollars at the beginning of the accounting...

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Accounting

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The supplies account had a balance of $600 dollars at the beginning of the accounting period. At the end of the accounting period, $150 of supplies remain. What would be the adjusting journal entry needed? 3. The prepaid insurance account had a balance of $2,400 at the beginning of the year. The policy is good for a 24-month period. What would be the adjusting journal entry at the end of the first year of coverage? 4. Compute one month's worth of depreciation expense for machinery with the following information: Purchase price: $5,000 Salvage value: $1,400 Useful life: 5 years 5. Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: Building Cash Wages Payable Prepaid Rent office Supplies

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