Question #12500104

Adjusting Entries.Please help?

Prepare the necessary adjusting journal entries for the Valance Company for the month of June each situation given. 1. Valance Company purchased a 2 year insurance policy on April 1, 2010, and debited Prepaid Insurance for $3,600 2. On April 1, a tenant in a apartment building owned by the Valance Company paid $4,500, which represent three months' rent in advance. The amount received was credited to the Unearned Rent account. 3. On June 1, 2010, the balance in the office Supplies account was $130. During June, office supplies costing $750 were purchased. A physical count of office supplies at June 30 revealed that there was $150 stell on hand. 4. On March 31,2010, the Valance Company purchased a delivery van for $30,000. It is estimated that the annual depreciation will be $7,500 5. Valance Company has two office employees who earn $100 and $125 per day, respectively. They are paid each Friday for a five -day work week that begins each Monday. June 30 is a Wednesday in 2010

2013-12-14 20:43:47

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