Insurance coverage

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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