Reference no: EM132862815
BE3-3 Schramel Advertising Company's trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0. On December 31, there are $2,100 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.
BE3-4 At the end of its first year, the trial balance of Bronowski Company shows Equip- ment $30,000 and zero balances in Accumulated Depreciation-Equipment and Depreci- ation Expense. Depreciation for the year is estimated to be $4,000. Prepare the adjusting entry for depreciation at December 31, post the adjustments to T-accounts, and indicate the balance sheet presentation of the equipment at December 31.
BE3-5 On July 1, 2017, Major Co. pays $15,120 to Cruz Insurance Co. for a 3-year insur- ance contract. Both companies have fiscal years ending December 31. For Major Co., jour- nalize and post the entry on July 1 and the adjusting entry on December 31.
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