Sandhill Construction initially records all prepaid expenses as expenses and all unearned revenues as revenues. Given the following information, prepare the necessary adjusting entries at year end, December 31, 2019.
a)On January 3, 2019, $2,500 of supplies were purchased. A count revealed $300 still on hand at December 31, 2019.
b)On January 4, 2019, a $21,000 payment was made to an insurance agency for two and a half years of insurance.
c)On June 30, 2019, received nine months payment in advance from a customer, $16,200.
d)On August 1, 2019, received six months payment in advance from a customer, $9,600.

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The Answer of Sandhill Construction initially records all prepaid expenses as expenses and all unearned revenues as revenues. Given the following information, prepare the necessary adjusting entries at year end, December 31, 2019.
a)On January 3, 2019, $2,500 of supplies were purchased. A count revealed $300 still on hand at December 31, 2019.
b)On January 4, 2019, a $21,000 payment was made to an insurance agency for two and a half years of insurance.
c)On June 30, 2019, received nine months payment in advance from a customer, $16,200.
d)On August 1, 2019, received six months payment in advance from a customer, $9,600.

Sandhill Construction Initially Records All Prepaid Expenses as Expenses and All