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AlChem has the following unadjusted trial balance:

Cash $36,578
Accounts receivable 8,902
Prepaid insurance 20,389
Prepaid rent 28,600
Supplies 9,355
Accounts payable $40,344
Unearned revenue 76,209
Retained earnings 10,840
Various expenses 23,569

Adjusting Information:

Prepaid rent of $28,600 was paid on September 1 and represents an 18-month lease.

Prepaid insurance of $20,389 was paid on July 1 for a one-year policy.

Supplies on hand as of 12/31 were $2,899.

40% of unearned revenue was earned during the year.

Journalize the adjusting entries as of December 31,2012. Explanations are not required.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941258

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