Prepare adjusting journal entries, as needed, for the following items. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.) the supplies account shows a balance of $570, but a count of supplies reveals only $200 on hand at year-end. the company initially records the payments of all insurance premiums as prepaid insurance. the unadjusted trial balance at year-end shows a balance of $570 in prepaid insurance. a review of insurance policies reveals that $190 of insurance is unexpired. employees work monday through friday, and salaries of $3,200 per week are paid each friday. the company's year-end falls on tuesday. at year-end, the company received a utility bill for december's electricity usage of $270 that will be paid in early january.

Explanation:

The adjusting entries are shown below:

1. Supplies expense A/c Dr $370

       To supplies A/c                          $370

(Being supplies account is adjusted)

The supplies expense is computed by

= Supplies balance - supplies on hand

= $570 - $200

= $370

2. Insurance expense A/c Dr $190

         To Prepaid Insurance                  $190

(Being prepaid insurance is adjusted)

3. Salaries expense A/c $1,280

          To Salaries payable A/c        $1,280

(Being salary is adjusted)

The salaries expense is computed by

= Total five days × number of days ÷ total number of days

= $3,200 × (2 ÷ 5)

= $1,280

4. Electricity expense A/c Dr $270

       To electricity payable A/c          $270

(Being electricity usage is adjusted)

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