24 Jan Adjusting EntriesThe following data were obtained
Adjusting EntriesThe following data were obtained from an analysis of the accounts of Noble Distributor Company as of March 31, 2008, in preparation of the annual report. Noble records current transactions in nominal accounts. What are the appropriate adjusting entries?(a) Prepaid Insurance has a balance of $14,100. Noble has the following policies in force:PolicyDateTermCostCoverageA1/1/082 years$ 3,600Shop equipmentB12/1/076 months1,800Delivery equipmentC7/1/073 years12,000Buildings(b) Unearned Subscription Revenue has a balance of $56,250. The following subscriptions were collected in the current year. There are no other unexpired subscriptions.Effective DateAmountTermJuly 1, 2007$27,0001 yearOctober 1, 200722,2001 yearJanuary 1, 200828,8001 yearApril 1, 200820,7001 year(c) Interest Payable has a balance of $825. Noble owes a 10%, 90-day note for $45,000 dated March 1, 2008.(d) Supplies has a balance of $2,190. An inventory of supplies revealed a total of $1,410.(e) Salaries Payable has a balance of $9,750. The payroll for the 5-day workweek ended April 3 totaled $11,250.
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