QUICKBOOKS PROJECT PART 3 – INSTRUCTIONS ACC2310 2020 FALL
After recording the August transactions from Part 2 of this assignment, you are now ready to
record your company’s ANNUAL adjusting entries.
You are required to prepare and post (save) the following adjusting entries into your QB’s
Company books. NOTE YOU MUST USE A SEPARATE ENTRY FOR EACH transaction below. All
entry dates are for August 31, 2020 – your company’s year-end.
1) The amount for Prepaid Insurance relates to a one-year insurance policy that was
purchased on March 1, 2020. Prepare the required adjustment needed to Prepaid
Insurance.
2) A physical count of the office supplies on August 31, 2020 indicates that $5,000 of office
supplies are still on hand (unused). (Hint: adjust your office supplies and supplies
expense.)
3) No new equipment was purchased this year and no amortization (depreciation) has
been taken for this fiscal period. The equipment has a current estimated useful life of
10 years and has no residual value. Using straight-line amortization (depreciation)
method, make any necessary adjustment. (Hint: use your equipment account to
calculate the amortization (depreciation). Round your answer, no decimals. Eg $456.66
= $457)
4) An analysis of the Unearned (Consulting) Revenue account indicates that $18,500 has
