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Magazine Problem 6
The balance in the prepaid insurance account, before adjustment at the end of the year, is \(\$ 11,500\). Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is \(\$ 8,750\); (b) the amount of unexpired insurance applicable to future periods is \(\$ 2,750\).
Problem 7
The prepaid insurance account had a balance of \(\$ 5,400\) at the beginning of the year. The account was debited for \(\$ 6,000\) for premiums on policies purchased during the year. Journalize the adjusting entry required at the end of the year for each of the following situations: (a) the amount of unexpired insurance applicable to future periods is \(\$ 1,000\); (b) the amount of insurance expired during the year is \(\$ 10,400\).
Problem 13
Canyon Realty Co. pays weekly salaries of \(\$ 3,700\) on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends (a) on Wednesday and (b) on Thursday.
