Q: Prepare the annual year-end adjusting journal entries at December 31. Among other items, the…
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Q: Prepare the annual year-end adjusting journal entries at December 31.
Among other items, the trial balance of Filmblaster, Inc., a movie rental company, at December 31 of the current year includes the following account balances:
Debits
Prepaid Insurance
USD 10,000
Prepaid Rent
USD 14,400
Supplies on Hand
USD 2,800
Examination of the records shows that adjustments should be made for the following items:
a. Of the prepaid insurance in the trial balance, USD 4,000 is for coverage during the months after December 31 of the current year.
b. The balance in the Prepaid Rent account is for a 12-month period that started
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