The following unadjusted amounts were taken from the accounting records of an insurance company at December 31,Year 1:
$\begin{array}{llr}
\text { Insurance collected in advance } &\$120,000\
\text { Office supplies} &1,200\
\end{array}$

A) Prepare any necessary adjusting entries at December 31. Year 1, for both of the following transactions:

1. The insurance premiums collected over the period December 1, Year 1, through May 31. 2014.

2. At the end of the year, an inventory revealed that $\$ 250$ of the office supplies remained on hand.

Question

The following unadjusted amounts were taken from the accounting records of an insurance company at December 31,Year 1:
 $\begin{array}{llr}
  \text { Insurance collected in advance } &\$120,000\
 \text {   Office supplies} &1,200\
\end{array}$
 
 A) Prepare any necessary adjusting entries at December 31. Year 1, for both of the following transactions:

1. The insurance premiums collected over the period December 1, Year 1, through May 31. 2014.

2. At the end of the year, an inventory revealed that $\$ 250$ of the office supplies remained on hand.

Quizplus · Accepted Answer

The Answer of The following unadjusted amounts were taken from the accounting records of an insurance company at December 31,Year 1:
 $\begin{array}{llr}
  \text { Insurance collected in advance } &\$120,000\
 \text {   Office supplies} &1,200\
\end{array}$
 
 A) Prepare any necessary adjusting entries at December 31. Year 1, for both of the following transactions:

1. The insurance premiums collected over the period December 1, Year 1, through May 31. 2014.

2. At the end of the year, an inventory revealed that $\$ 250$ of the office supplies remained on hand.