ADJUSTING AND REVERSING ENTRIES
Data for the end-of-year adjustments of Dembrow Company are shown below.
Factory overhead to be applied to work in process
|
ending inventory
|
$12,800
|
|
Interest receivable
|
920
|
|
Allowance for doubtful accounts
|
3,920
|
|
Office supplies consumed
|
1,350
|
|
Factory supplies consumed
|
4,250
|
|
Insurance expired on factory building and equipment
|
3,400
|
|
Depreciation-factory building
|
4,600
|
|
Depreciation-factory equipment
|
6,100
|
|
Interest payable
|
8,250
|
1. Prepare the end-of-year adjusting journal entries, as of December 31, 20-3, for Dembrow Company.
2. Prepare the reversing journal entries for Dembrow Company, as of January 2, 20-4.