Journalize the adjusting entry needed at December 31 for each situation. Use the

Question

Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! A two year insurance policy for $5,280 was purchased on November 1 of the current year. Record the transaction for the year ended December 31. Date Accounts and Explanation Debit Credit Dec. 31 Customers were billed for $3,000 for work completed. Date Accounts and Explanation Debit Credit Dec. 31 Accounts Receivable 3000 Service Revenue 300 Used office supplies of $2,800 Date Accounts and Explanation Debit Credit

Explanation / Answer

Date Account Debit credit dec 31 Insurance expense 440 Prepaid insurance 440 [being insurance expired for 2 months (1 nov-31dec) ,5280/24 months = 220per month or 220*2 =440 ] [ dec 31 supplies expense 2800 office supplies 2800

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