Olsen Company - the Ofc Supplies account was $200. During...

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The following info for Olsen Co. is available on 6/30/03, the end of a monthly accounting period. Prepare the adjusting journal entries for Olsen Co. for the month. Appropriate adjusting entries had been recorded in previous months. (1.)Olsen Co. purchased a 2-year insurance policy on 2/1/03 and debited Prepaid Insurance for $2400. (2.)On 1/1/03 a tenant in a building owned by Olsen Co. paid $4800 for 6 months rent in advance. The amount received was credited to the Unearned Rent account. (3.)On 6/1/03 the balance in
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Unformatted text preview: the Ofc Supplies account was $200. During June, of supplies costing $750 were purchased. A physical count of supplies at 6/30 revealed that there was $240 still on hand. (4.)On 3/31/03, Olsen Co. purchased a delivery van for $36000. It is estimated that the annual depreciation will be $7200. (5.)Olsen Co. has 2 employees who earn $80 & $100 per day, respectively. They are paid each Fri. for a 5 day work week that starts on Monday. 6/30 is a Wed in 2003...
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