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3 years ago

Required information

Business

1 answer:

photoshop1234 [79]3 years ago

6 0

Answer:

Missing word

"Shipping supplies on hand, January 1 of the current year $13

Purchases of shipping supplies during the current year $75

Shipping supplies on hand, counted on December 31 of the current year $20"

1. Adjusting entry for insurance at December 31 of the current year.

S/n General Journal Debit Credit

a. Insurance expense $870

(6,960/24)*3=$ 600

Prepaid insurance $870

(Insurance expired)

b. Shipping supplies expenses $68

($13+$75-$20)

Shipping supplies $68

(Supplies used)

2. What amount should be reported on the current year's income statement for Insurance Expense?

Insurance expense = $870

Shipping supplies expense = $68

3. What amount should be reported on the current year's balance sheet for Prepaid Insurance?

Prepaid insurance = ($6,960-$870) = $6,090

Shipping supplies as on Dec 31. = $20

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