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Prepare the adjusting journal entries

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Question - The year-end trial balance dated December 31, 20- for Sun Industries shows supplies at $7,020.00 and prepaid insurance at $4,200.00.

 An inventory of supplies reveals $2,075.00 to be on hand.

The prepaid insurance account consists of one 12-month policy, purchased on July 1, 20-.

A late invoice from the Daily Beagle for advertising in December arrived in January of the next calendar year. The amount of the invoice is $4,000.00.

a) Use the information above to prepare the adjusting journal entries.

b) Use the information above on insurance policies to prepare the adjusting journal entry.

Reference no: EM133173426

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