Welch Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September.An analysis of the account balances by the company’s accountant provided the following additional information:1. A physical count of office supplies revealed $1,000 on hand on September 30.2. A two-year life insurance policy was purchased on June 1 for $4,800.3. Office equipment depreciated $6,000 per year.4. The amount of rent received in advance that remains unearned at September 30 is $500.InstructionsUsing the above additional information, prepare the adjusting entries that should be made by Welch Company on September30.
Welch Company prepares monthly financial statements Below are l