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Question

xChapter ac, ? Secure | Hrtps:/ree, xveOnly ? ? Q CApters 45. ?Chapter Mal ? × oncom/flow/connecthtml Saved Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,600, (supplies totaling $15,200 were purchased on December 1 2016, and debited to the Supplies account) b. Expired insurance, $6,800 on December 1, 2016, the firm paid $40,800 for six months insurance coverage in advance and debited Prepaid Insurance for this amount c. Depreciation expense for equipment, $4,400 Prepare the journal entries for the above adjustments. View transaction list Journal entry worksheet Prepare the adjusting entry for supplies. Note: Feter dehts hefore eredits

Explanation / Answer

Journal Entries Sr. No. Date Account Title and explanation Debit Credit Supplies Expenses $                     9,600 a) Dece 31 , 2016     To Supplies $                       9,600 (To Record the supplies expenses _ Insurance Expenses $                     6,800 b) Dece 31 , 2016      To Prepaid Expenses $                       6,800 (To Record the insurance Expenses for the month of December) Depreciation $                     4,400 C) Dece 31 , 2016         To Equipment $                       4,400 (To Record the depreciation of Equipment)

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