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Prepare the annual year-end adjusting journal entries at dec

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Question

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 $7,500

Prepaid Rent 16,800

Supplies on Hand 3,700

Examination of the records shows that adjustments should be made for the following items:

a. Of the prepaid insurance in the trial balance, $3,200 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 September 1 of the current year.

c. Interest in the amount of $400 has been earned but not received.

d. Supplies used during the year amount to $1,300.

Prepare the annual year-end adjusting journal entries at December 31.

Reference no: EM132326610

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