Solution-Prepare annual year-end adjusting journal entries

Prepare annual year-end adjusting journal entries at dec.

Reference no: EM13536320

Among other items, the trial balance of Filmblaster, Inc., a movie rental company, at December 31 of the current year includes the following account balances:

	Debits
Prepaid Insurance	USD 10,000
Prepaid Rent	USD 14,400
Supplies on Hand	USD 2,800

Examination of the records shows that adjustments should be made for the following items:

a. Of the prepaid insurance in the trial balance, USD 4,000 is for coverage during the months after December 31 of the current year.

b. The balance in the Prepaid Rent account is for a 12-month period that started October 1 of the current year.

c. USD 300 of interest has been earned but not received.

d. Supplies used during the year amount to USD 1,800.

Prepare the annual year-end adjusting journal entries at December 31.

Reference no: EM13536320

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Prepare annual year-end adjusting journal entries at dec.

Reference no: EM13536320

Reference no: EM13536320

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