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The following general ledger accounts and additional information are taken from the records of Wolfe Corporation at the end of its fiscal year, December 31, 2016.
Additional information:
|
a. |
The prepaid insurance is for a one-year policy, effective July 1, 2016. |
|
b. |
A physical count indicated that $500 of supplies is still on hand. |
|
c. |
$50 of December rent expense has not been recorded. |
Required:
- Record all necessary adjusting entries in general journal format including general ledger account numbers. Assume the following account numbers: Insurance Expense: 631; Supplies Expense: 668.
- Post the adjusting entries to T-accounts and calculate balances.
- Prepare all closing entries in general journal format. Include general ledger account numbers.
- Post the closing entries to the applicable general ledger accounts.
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