Reference no: EM132218163
Question - When the accounts of Daniel Barenboim Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period.
1. The prepaid insurance account shows a debit of $5,280, representing the cost of a 2 -year fire insurance policy dated August 1 of the current year.
2. On November 1, Rent Revenue was credited for $1,800, representing revenue from a sub-rental for a 3-month period beginning on that date.
3. Purchase of advertising materials for $800 during the year was recorded in the Advertising Expense account. On December 31, advertising materials of $290 are on hand.
4. Interest of $770 has accrued on notes payable.
Required - Prepare the following in general journal form.
(a) The adjusting entry for each item.
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