06 Feb A Journalize the adjusting entries below at year-e
A Journalize the adjusting entries below at year-end December 31, XXXX Please share your supporting calculations for the adjusting entries requiring computations(a) Beginning prepaid insurance, $500 Payments for insurance during the period are $900 Ending prepaid insurance is $600(b) Interest revenue of $1,500 has been earned but not yet received(c) Accrued Service Revenue of $12,000(d) The weekly payroll is $20,000 Employees are owed for 4 days of a 5-day work weekThe unadjusted balance of the Supplies account is $1,200 The total cost of supplies remaining is $300(f) Equipment was purchased at the beginning of the year for $25,000 The equipment’s useful life is 5 years, and the residual value is $5,000 Record the depreciation for this yearB Calculate the overall overstatement or understatement of net income if the above adjusting entries were not made Please share your work
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