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Below are listed some of the accounts from a company’s September 30 trial balance
Below are listed some of the accounts from a company’s September 30 trial balance.
|
|
Debit |
Credit |
|
Supplies |
$ 2,700 |
|
|
Prepaid Insurance |
4,800 |
|
|
Equipment |
16,200 |
|
|
Accumulated Depreciation—Equipment |
|
$ 1,000 |
|
Unearned Rent Revenue |
|
1,200 |
An analysis of the account balances by the company's accountant provided the following additional information:
Instructions: Using the information given, prepare the adjusting journal entries that should be made by the company on September 30.
- A physical count of office supplies revealed $1,000 on hand on September 30.
- A two-year life insurance policy was purchased on September 1 for $4,800.
- Office equipment depreciates $3,000 per year.
- The amount of rent received in advance that remains unearned at September 30 is $300.
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