Annual adjusting entries

1. Vissar Foods paid 2,400 for 12 months of insurance coverage on June 1, 2020. 2. On December 1, 2020, Vissar collected 40,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. 3. A count of supplies on December 31, 2020, indicates that supplies of 600 are on hand.

Instructions

Prepare the annual adjusting entries needed at December 31, 2020.* $3 . 20 ( 1.0 5) Vissar Foods has the following balances in selected accounts on December 31 ,2020.

Journalize adjusting entries .Service Revenue$ 40, 000Insurance Expense2, 400Supplies Expense2 , 450 All the accounts have normal balances. Vissar Foods debits prepayments to expense accounts when paid , and credits unearned revenues to revenue accounts when received. The following*information below has been gathered at December 31 , 2020. 1. Vissar Foods paid E’2 , 400 for 12 months of insurance coverage on June 1, 2020 .

2 . On December 1 , 2020, Vissar collected $ 40, 000 for consultation services to be performed from December 1, 2020 , through March 31, 2021 .3 . A count of supplies on December 31, 2020 , indicates that supplies of EGoo are on hand.

Instructions

Prepare the annual adjusting entries needed at December 31, 2020.

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