Reference no: EM133078427
Question - A partial trial balance of Indigo Corporation is as follows on December 31, 2021.
Dr. Cr.
Supplies $2,600
Salaries and wages payable $1,600
Interest Receivable 5,100
Prepaid Insurance 90,400
Unearned Rent 0
Interest Payable 15,300
Additional adjusting data:
1. A physical count of supplies on hand on December 31, 2021, totaled $1,000.
2. Through oversight, the Salaries and Wages Payable account was not changed during 2021. Accrued salaries and wages on December 31, 2021, amounted to $4,200.
3. The Interest Receivable account was also left unchanged during 2021. Accrued interest on investments amounts to $4,800 on December 31, 2021.
4. The unexpired portions of the insurance policies totaled $61,100 as of December 31, 2021.
5. $26,400 was received on January 1, 2021, for the rent of a building for both 2021 and 2022. The entire amount was credited to rent revenue.
6. Depreciation on equipment for the year was erroneously recorded as $5,500 rather than the correct figure of $55,000.
7. A further review of depreciation calculations of prior years revealed that equipment depreciation of $6,600 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment.
Assuming that the books have not been closed, what are the adjusting entries necessary at December 31, 2021?
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