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Question
You need help with learning how to account for insurance and inventory that is left at the end of the month. Here are my questions. How do you account for one months insurance expiring? How do you account the remaining inventory of repair supplies?
This is the question example that I am having trouble with.
Prepare adjusting entries using the following information in the General Journal below. Show your calculations!
a) One month's insurance has expired.
b) The remaining inventory of repair supplies is $200.
Here are the previous journal entries I have entered into my spreadsheet.
On March 1st - Paid the premium on a 1-year insurance policy, $2,400.
On March 8 - Purchase Repair Supplies from Jackson Company on credit $600
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