Solution-Prepare the adjusting entries that should be made

Prepare the adjusting entries that should be made

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Reference no: EM131712333

Question - Scotsman Company prepares monthly financial statements. Below are listed sonic 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, 2017
	Debit (amount in thousands)	Credit (amount in thousands)
Prepaid insurance	$3,150
Supplies	2,700
Office 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 pankd 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 office supplies revealed £800 on hand on September 30.

2. A two-year lift insurance policy was purchased on June 1 for £3,600.

3. Office equipment depreciated £3,000 per year.

4. The amount of rent received in advance that remains unearned at September 30 is £400.

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

Reference no: EM131712333

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Prepare the adjusting entries that should be made

Reference no: EM131712333

Reference no: EM131712333

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