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How do prepare the journal entries for the adjustments

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Reference no: EM132477115

Desoto Company must make three adjusting entries on December 31, 2019.

Point 1: Supplies used, $9,900 (supplies totaling $15,800 were purchased on December 1, 2019, and debited to the Supplies account).

Point 2: Expired insurance, $7,100; on December 1, 2019, the firm paid $42,600 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount.

Point 3: Depreciation expense for equipment, $4,700.

Required:

Question 1: How do you prepare the journal entries for these adjustments and post the entries to the general ledger accounts?

Reference no: EM132477115

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