I’m working on adjusting entries for the quick tax corporation case study
I’m working on adjusting entries for the quick tax corporation case study. I need to record the following
adjusting entries:
a) one month insurance has expired (Ledger transaction says prepaid insurance is 3600)
b) remaining inventory of supplies is 300 (Ledger transaction says it’s 700)
c)estimated depreciation on equipment is 125 (Ledger transaction says accumulated depreciation is 500)
d) estimated income tax is 2700 (Ledger transaction reads that it’s 5162)
How do I calculate the adjusting entries using the ledger transactions figures?