Business, 18.08.2020 18:01 ImGoodAtLife7797

Prepare journal entries for Iron City’s general fund for the following, including any adjusting and closing entries on December 31, 20X1 (the end of the fiscal year): a. Acquired a three-year fire insurance policy for $5,400 on September 1,
b. Ordered new furniture for the city council meeting room on September 17, 20X1, at an estimated cost of $15,600. The furniture was delivered on October 1, its actual cost was $15,200, its estimated life is 10 years, and it has no residual value.
c. Acquired supplies on November 4, 20X1, for $1,800. Iron City uses the consumption method of accounting. Supplies on hand on December 31, 20X1, were $1,120.

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Prepare journal entries for Iron City’s general fund for the following, including any adjusting and...

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