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Prepare adjusting entries that should be made by scotsman

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Reference no: EM131813942

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

SCOTSMAN COMPANY Trial Balance (Selected Accounts) September 30, 2018

 

Debit

Credit

Supplies

$3,200

 

Prepaid Insurance

4,200

 

Equipment

16,200

 

Accumulated Depreciation-Equipment

 

$1,000

 

Unearned Rent Revenue

 

1,200

 (Note: Debit column does not equal credit column because this is a partial listing of selected account balances)

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

1. A physical count of supplies revealed $1,000 on hand on September 30.

2. A two-year life insurance policy was purchased on June 1 for $4,800.

3. Equipment depreciated $3,000 per year.

4. The amount of rent received in advance that remains unearned at September 30 is $500.

Using the above additional information, prepare the adjusting entries that should be made by Scotsman Company on September 30.

Reference no: EM131813942

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