Date

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Dec

Description
31 Supplies Expense
Supplies
Supplies Used (2975-614).

Posting
Ref.

Debit
2

General Journal Page:

Debit
6

Credit
1

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Date
1

Description

Posting
Ref.

Debit

Dec

31 Insurance Expense
Prepaid Insurance

Dec

31 Insurance Expense
Prepaid Insurance
Insurance Expired ($6175-$1995).

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General Journal Page:

Debit
8

Credit
0

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A. $6,078 million - $3,855 million = $2223 million

B. No. Market value of a fixed asset usually differes from its book value. Depreciation is an a

e. Depreciation is an allocation method, not a valuation method.

Date
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13

2008
April

Description
30 Supplies

30 Insurance Expense
Insurance Expired (4750-1500).
30 Depreciation Expense

20
21
22
23
24
25
26

2500

Accum. Depr. - Equipment

Depreciation on equipment
30 Depreciation Expense

2150

Accum. Depr. - Automobile

Depreciation on automobile
30 Utilities Expense
Accrued Utilities

19

3250

Prepaid Insurance

15

18

2850

Supplies used (3750-900).

Accounts Payable

17

Debit

Supplies Expense

14

16

Posting
Ref.

30 Salary Expense

490

2000

Salaries Payable
Accrued Wages
30 Unearned Service Fees
Service fees Earned
Fees Earned (6000-2900).

3100

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37

General Journal Page:

Debit

Credit
1

2850

2850

2
3
4

3250

3250

5
6
7

2500

2500

8
9
10

2150

2150

11
12
13

490

490

14
15
16

2000

2000

17
18
19

3100

3100

20
21
22
23
24
25
26

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37