ACC 201 Great Basin College Module 3 Slimbuster Inc General Journal

Question Description

Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted. Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect.

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Here is the problem:

Slimbuster, Inc. adjusts its books only on an annual basis. Among other items, the trial balance of Slimbuster at December 31, 2019 includes the following account balances:

Prepaid Insurance	$14,000 debit balance
Prepaid Rent	$22,100 debit balance
Supplies on Hand	$2,400 debit balance

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

A. Of the prepaid insurance on the trial balance, $2,300 is for insurance coverage during the months after December 31, 2019.

B. The balance in the Prepaid Rent account on the trial balance is for a 12-month period that started October 1, 2019.

C. Interest income in the amount of $300 has been earned by Slimbuster, but not yet received as of December 31, 2019.

D. Supplies used up during 2019 amount to $2,000.

E. Salaries earned since the last payday but unpaid by Slimbuster as of December 31, 2019 amount to $4,200.

Required: Prepare the annual year-end adjusting journal entries required at December 31, 2019.

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Here is a very rough document that you might use to get you started on this assignment. Please feel free to modify it to the extent necessary to complete this assignment. In doing so, please change the name of the file to include your name before submitting it.

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