Prepare adjusting journal entries, as needed, for the following items.   (a) The Supplies account shows a balance of $500, but a count of supplies reveals only $200 on hand at year-end. (b) The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at year-end shows a balance of $500 in Prepaid Insurance. A review of insurance policies reveals that $100 of insurance is unexpired. (c) Employees work Monday through Friday, and salaries of $2,500 per week are paid each Friday. The company's year-end falls on Tuesday. (d) At year-end, the company received a utility bill for December's electricity usage of $200 that will be paid in early January.

Hi,I am having a terrible time trying to understand when the balance in the allowance for doubtful account is involved in the final answer, and when it is not.  Will you please explain why the answers are what they are in the attachment?

Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…

Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts.   Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)  On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.