Adjusting entries to be recorded on january 31

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Reference no: EM133608076

Question: On january 31, we issued check # 1609 for $32,400 to Bain Insurance Co for the annual insurance premium for the period March 1 - February 28, 2024. Blue Ridge Corporation closes its books annually on December 31 and normally prepares financial statements quarterly. However, changing economic conditions in the construction industry (who are the major customers of Blue Ridge) have made management want to pay closer attention to results. Accordingly, a full set of financial statements will be produced monthly. Adjusting entries are posted to the general ledger only at year-end; at the end of each month, adjustments are computed and are entered only on a worksheet, not in the general ledger therefore, the adjusting entries to be recorded on January 31 (which will be provided in Practice Set #4) will only be utilized on the worksheet and not posted to the general ledger. record in a double entry system

Reference no: EM133608076

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