Quiz #1 Additional Points Bob Company has the following balances on January 31,

Question

Quiz #1 Additional Points Bob Company has the following balances on January 31, 2013. Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Accounts Payable Notes Payable Bob, Capital $800 900 3,400 10,000 1,000 1,800 6,000 6,300 All of the accounts have normal balances. The following information for the month of January has not yet been recorded: 1. A count of supplies on January 31, 2013, indicates that supplies of $260 are on hand. 2. Insurance of $170 expired during the month of January 3. Depreciation for the month of January was $500. 4. Utilities expense owed for the month of January was $400 but will not be paid until February Instructions: Prepare in journal form, without explanations, the end of month adjusting entries for the items listed for Bob Company. The information can be completed on the Quiz #1 Answer Sheet.

Explanation / Answer

Date Account Debit Credit 31-Jan Supplies Expense 640 2013 Supplies 640            " Insurance Expense 170 Prepaid Insurance 170            " Depreciation Expense 500 Accumulated Depreciation- 500                             Equipment            " Utilities Expense 400 Utilities Payable 400

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