Reference no: EM132821057
Question - Consider the following situations: Business receives KD 3,000 on January 1, 2020 for a 6-month service contract:
1. Prepaid Insurance account began the year with a balance of KD 230. During the year, insurance in the amount of KD 570 was purchased. At the end of the year March 31st, 2020 the amount of insurance still unexpired was KD 350.
2. At year end, unrecorded interest expense due to creditors was KD 4,000 (payable in the next year).
3. On February 4, 2020 the business rendered services valued at KD 11,000. The client will pay for the services on April 4, 2020.
4. The Supplies asset account began the year with a balance of KD 90. During the year, supplies in the amount of KD 490 were purchased. At the end of the year the inventory of supplies on hand was KD 280.
Required - Prepare the year end, March 31st, 2020 adjusting entries.
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