Adjusting Journal Entries: Prepaid Insurance, Depreciation,

4.03 Adjusting Entries Total Points: 60 Adjusting Journal Entry Prepare the adjusting journal entry. Adjusting Entry for Prepaid Insurance: 1. Olympic Sports Wear purchased a three-month (December through February) insurance policy on December 1, 2012 at a cost for the quarterly period of $1,500. The accounting clerk debited the Prepaid Insurance account and credited cash for $1500 on December 1. It is now the end of the accounting year (December 31, 2012) and only one month's insurance cost of $500 has expired. Write the adjusting entry below: AccountDebitCredit 500.00 500.00 Adjusting Entry for Depreciation: 2. Olympic Sports Wear has determined the Depreciation for Equipment for 2020 is $2,500.00. Write the Adjusting Entry Below AccountDebitCredit 2,500.00 25,000.00 Adjusting Entry for Un-Recorded Sales: 3. Olympic Sports Wear is preparing invoices for sales that have not been received. The total is $800.00. Write the Adjusting Entry Below