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Prepare the adjusting journal entries in the general journal

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Reference no: EM132461453

Problem - Conrad Corporation has a December 31st year-end and prepares adjusting entries annually. It has been determined that adjusting entries are required for the following:

a. The Prepaid Insurance account included $2,400 for two year fire insurance policy that was purchased and effective September 1, 2018.

b. The Prepaid Rent account balance is $900 which includes rent for three months commencing December 1, 2018.

c. The Supplies account has a balance of $1,400 and a physical count shows that $500 of supplies is on hand.

d. The Bank Loan Payable account has a balance of $30,000 at 8% for 6 months was borrowed on September 1, 2018.

e. Accrued salaries amount to $2,800.

f. Provide service of $250 to a customer on account on December 20th, no entry has been recorded and the customer has not paid this amount.

g. The Unearned Revenue account has a balance of $1,000, of this amount, 75% has been earned.

Required - Analyze the transactions above and prepare the adjusting journal entries in the general journal.

Reference no: EM132461453

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