Answer:
Wages of $8,000 are earned by workers but not paid as of December 31.
December 31, 202x, adjusting entry for wages expense
Dr Wages expense 8,000
Cr Wages payable 8,000
Depreciation on the company’s equipment for the year is $10,840.
December 31, 202x, adjusting entry depreciation expense
Dr Depreciation expense 10,840
Cr Accumulated depreciation: equipment 10,840
The Office Supplies account had a $350 debit balance at the beginning of the year. During the year, $4,791 of office supplies are purchased. A physical count of supplies at December 31 shows $529 of supplies available.
December 31, 202x, adjusting entry for supplies expense
Dr Supplies expense 4,612
Cr Supplies 4,612
The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,400 of unexpired insurance benefits remain at December 31.
December 31, 202x, adjusting entry for insurance expense
Dr insurance expense 2,600
Cr Prepaid insurance 2,600
The company has earned (but not recorded) $650 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10.
December 31, 202x, adjusting entry for interest revenue
Dr Interest receivable 650
Dr Interest revenue 650
The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5.
December 31, 202x, adjusting entry for interest expenses
Dr Interest expense 4,000
Cr Interest payable 4,000