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Prepare the necessary adjusting journal entries indicated

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Question - The following data relate to the accounts of Pharoah Company.

a. Unpaid salaries and wages at year end amount to $750.

b. Pharoah Company owns bonds of another corporation that pay annual interest of $1,640. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021.

c. A two-year insurance policy was purchased on June 1, 2020. The $2,880 insurance premium was paid on that date and was debited to Prepaid Insurance.

d. Service Revenue was credited for $1,440 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Edminston Company through May 31, 2021.

e. The Supplies account shows a balance of $2,600 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $930 available.

Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2020.

Reference no: EM132606414

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