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Prepare the december annual adjusting entries

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It is December 31, 2020 and Brad's Bagels is about to prepare its year end adjusting journal entries.

REQUIRED:

Question 1: Prepare the December 31, 2020 annual adjusting entries for each of the items listed below. Explanations are not required. Only adjusting entries are required.

  1. On August 1, 2020, the company paid $4,800 for a 2-year insurance policy.
  2. On October 1, 2020, the company received $6,000 cash in advance for consulting services. As at December 31, 2020, $4,000 had not yet been earned.
  3. Equipment was purchased on January 1, 2016 for $50,000. At that time, the company estimated that the equipment would have a 10 year useful life and a $0 residual value at the end of its life.

Reference no: EM132498751

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