Insurance Expense Account January 13, 2023 postadmin Post in Uncategorized Problem 3 answers Insurance Expense Account No. 5060 Date 201x Explanation Post Ref. Debit Credit Balance Debit Credit 9/1 1x Balance forward 150 00 Postage expense Account No. 5070 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit 9/1 1x Balance forward 50 00 SANCHEZ COMPUTER CENTER TRIAL BALANCE SEPTEMBER 30, 201X DR CR CASH 164500 ACCOUNTS RECEIVABLE 260000 PREPAID RENT 120000 SUPPLIES 45000 COMPUTER SHOP EQUIPMENT 240000 OFFICE EQUIPMENT 60000 ACCOUNTS PAYABLE 210000 FREEDMAN, CAPITAL 450000 FREEDMAN, WITHDRAWALS 10000 SERVICE REVENUE 668500 ADVERTISING EXPENSE 140000 RENT EXPENSE 40000 UTILITIES EXPENSE 18000 PHONE EXPENSE 22000 INSURANCE EXPENSE 15000 POSTAGE EXPENSE 5000 TOTALS 1139500 1139500 My problem is in chapter 4 Directions are to Use trial balance above from chapter 3 and the adjusting information given here to complete the worksheet for the three months ended September 30, 201x. From the worksheets, prepare the financial statements. SANCHEZ COMPUTER CENTER At the end of September, Tony took a complete inventory of his supplies and found the following: 5 dozen 1/4” screws at a cost of $8.00 a dozen 2 dozen ½” screws at a cost of $5.00 a dozen 2 cartons of computer inventory paper at a cost of $14 a carton 3 feet of coaxial cable at a cost of $4.00 per foot After speaking to his accountant, he found that a reasonable depreciation amount for each of his long-term assets is as follows: Computer purchased July 5, 201x Depreciation $33 a month Office equipment purchased July 17, 201x Depreciation $10 a month Computer workstations purchased Sept. 17, 201x Depreciation $20 a month Tony uses the straight-line method of depreciation and declares no salvage value for any of the assets. If any long-term asset is purchased in the first 15 days of the month, he will charge depreciation for the full month. If an asset is purchased on the 16th of the month, or later, he will not charge depreciation in the month it was purchased. August and September’s rent has now expired.