Reference no: EM132483672
Question - Record the following adjusting entries on December 31. Omit explanations.
1. The balance in the Office Supplies account is $6,000.00 before adjustment. At the end of the year, the physical count of the office supplies is $2,000.00.
2. Office equipment was purchased on July 1 for $21,000.00. The equipment has a four-year life with $1,000.00 salvage value.
3. The insurance premium was paid in advance for two years for $2,400.00. At the end of the year, $600.00 has expired.
4. On January 1, $5,000.00 worth of office furniture was purchased on account. The furniture has a five-year life with no salvage value.
5. The Unearned Revenue account has a balance of $8,000.00 before adjustment. At the end of the year, the balance is $5,000.00.
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