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champ1135
champ1135
04.05.2021 • 
Business

The following data relate to the accounts of Blossom Company. a. Unpaid salaries and wages at year end amount to $450. b. Blossom Company owns bonds of another corporation that pay annual interest of $920. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021. c. A two-year insurance policy was purchased on June 1, 2020. The $1,440 insurance premium was paid on that date and was debited to Prepaid Insurance. d. Service Revenue was credited for $720 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Blossom Company through May 31, 2021. e. The Supplies account shows a balance of $1,800 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $850 available. Prepare the necessary adjusting journal entries indicated by each item for the year ended

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