Desoto Company must make three adjusting entries on 31 December 2019


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Desoto Company must make three adjusting entries on 31 December 2019

Sale price $15.00 Regular price $30.00

Desoto Company must make three adjusting entries on 31 December 2019

 

 

  1. Supplies used, $9,800 (supplies totaling $15,600 were purchased on December 1, 2019, and debited to the Supplies account).
  2. Expired insurance, $7,000; on December 1, 2019, the firm paid $42,000 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount.
  3. Depreciation expense for equipment, $4,600.


Can you help me make journal entries for these adjustments and post the entries to the general ledger accounts. Columns should include General Journal, Debit, and Credit. I need entries for supplies, insurance, and depreciation all done separately.


Once I have all the entries completed I need to show this on the Ledger. The ledger should show a debit and a credit with a balance column.

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