Journalize the necessary year-end adjusting entries based on the following account balances before adjustments.
a.
The inventory of supplies on hand at December 31, 20--, was $230.
b.
The 4-month insurance premium of $1,800 was purchased on December 1, 20--.
c.
The $34,000 of equipment was purchased on January 1, two years ago. It has a salvage value of $2,000. Straight-line depreciation was used to compute depreciation at the end of last year.
d.
Wages accrued at December 31, 20--, were $3,700.

Question

Journalize the necessary year-end adjusting entries based on the following account balances before adjustments.  
a.
The inventory of supplies on hand at December 31, 20--, was $230.
b.
The 4-month insurance premium of $1,800 was purchased on December 1, 20--.
c.
The $34,000 of equipment was purchased on January 1, two years ago. It has a salvage value of $2,000. Straight-line depreciation was used to compute depreciation at the end of last year.
d.
Wages accrued at December 31, 20--, were $3,700.

Quizplus · Accepted Answer

The Answer of Journalize the necessary year-end adjusting entries based on the following account balances before adjustments.  
a.
The inventory of supplies on hand at December 31, 20--, was $230.
b.
The 4-month insurance premium of $1,800 was purchased on December 1, 20--.
c.
The $34,000 of equipment was purchased on January 1, two years ago. It has a salvage value of $2,000. Straight-line depreciation was used to compute depreciation at the end of last year.
d.
Wages accrued at December 31, 20--, were $3,700.

Journalize the Necessary Year-End Adjusting Entries Based on the Following