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Prepare adjusting entries that made by Martinez Company

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Question - Martinez Company prepares monthly financial statements. Below are listed some selected accounts and their balances on the December 30 trial balance before any adjustments have been made for the month of September.

MARTINEZ COMPANY Trial Balance (Selected Accounts) September 30, 2022

Debit Credit

Supplies $2,592

Prepaid Insurance 4,608

Equipment 15,552

Accumulated Depreciation-Equipment $960

Unearned Rent Revenue 1,152

An analysis of the account balances by the company's accountant provided the following additional information:

1. A physical count of office supplies revealed $960 on hand on September 30.

2. A two-year life insurance policy was purchased on June 1 for $4,608.

3. Office equipment depreciates $2,448 per year.

4. The amount of rent received in advance that remains unearned at September 30 is $300.

Required - Using the information given, prepare the adjusting entries that should be made by Martinez Company.

Reference no: EM132687604

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