[asolmon94]

How do I prepare adjusting entries for the following:
a.insurance policy exam shows $1,240 of expired insurance
b.inventory count showed $210 of unused shop supplies availale
c. $800 of Unearned rent account balance was earned by year end
d. One month's interest on notes payable $600, has accrued but is unrecorded
e. A beautician is behind on space rent. And $200 of accrued revenue was unrecorded

I haven't done this type of accounting in 15 years and I am at aloss

[pready]

a. Debit Insurance Expense for 1,240
Credit Prepaid Insurance for 1,240

b. Debit Shop Supplies Expense for the amount used
Credit Shop Supplies for the Amunt used
Note: amount used is the difference between Inventory at Beiginning of period + Purchase (if any) - Ending Inventory.

C. Debit Unearned Rent Revenue for 800
Credit Rent Revenue for 800

D. Debit Interest Expense for the amount of Interest
Credit Interest Payable for the amount
Note to compute the amount the formula is:
Interest = Principle * Interest Rate * #months used/12

E. Debit Accounts Receivable for 200
Creedit Rent Revenue for 200

[tamika thompson]

Bought a motor van on credit fro speed and sons for6980

[pready]

Debit Vehicle for 6,980
Credit Accounts Payable for 6,980