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Problem - Flint Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred.
1. The Supplies account shows a balance of $660, but a count of supplies reveals only $270 on hand.
2. Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $480 in Insurance expense. A review of insurance policies reveals that $155 of insurance is unexpired.
3. Flint Hills employees work Monday through Friday, and salaries of $3,000 per week are paid each Friday. Flint Hills' year-end falls on Tuesday.
4. On December 31, 2021, Flint Hills received a utility bill for December electricity usage of $250 that will be paid in early January of 2022.
Required - Construct adjusting journal entries, as needed, for the above items.
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