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    MaycieGracie's Avatar
    MaycieGracie Posts: 3, Reputation: 1
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    #1

    Feb 18, 2007, 09:57 PM
    Adjusted Entries
    An examintaion of the Prepaid Insurance account shows a balance of $4,112 at the end of an accounting period, before adjustment. Prepare entries in journal form to record the insurance expense for the period under the following independent assumptions.
    1 An examination of the insurance policies shows unexpired insurance that cost $1,974 at the end of the period.
    2 An examintaion of the insurance policies shows that insurance that cost $694 has expired during the period.

    Question 2
    Supplies on hand, October 1 $396 694 294 ?
    Supplies purchased during the month 78 ? 261 2,892
    Supplies consumed suring the month 291 1,458 ? 2,228
    Supplies on hand, October 31 ? 654 84 1,782

    1 Determine the amounts indicated by the ? Marks
    2. Make the adjusting entry for column a, assuming supplies purchased are debited to an asset account.

    Please help me, Thank You!!
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Feb 18, 2007, 10:44 PM
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