Flint Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. The Supplies account shows a balance of $880, but a count of supplies reveals only $380 on hand.Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $590 in Insurance expense. A review of insurance policies reveals that $210 of insurance is unexpired.Flint Hills employees work Monday through Friday, and salaries of $4,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday.On December 31, 2021, Flint Hills received a utility bill for December electricity usage of $360 that will be paid in early January of 2022. Required:Prepare adjusting journal entries, as needed, for the above items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

solution : 1 Date Accounts and explanation Debit credit December 31,2021 Supplies…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Flint Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred.

The Supplies account shows a balance of $880, but a count of supplies reveals only $380 on hand.
Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $590 in Insurance expense. A review of insurance policies reveals that $210 of insurance is unexpired.
Flint Hills employees work Monday through Friday, and salaries of $4,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday.
On December 31, 2021, Flint Hills received a utility bill for December electricity usage of $360 that will be paid in early January of 2022.

Required:
Prepare adjusting journal entries, as needed, for the above items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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