Marathon Magazine, Inc., has the following account balances, among others, in its trial balance at December 31 of the current year:
Supplies on Hand
Unearned Subscription Fees
The inventory of supplies on hand at December 31 amounts to USD 720.
The balance in the Prepaid Rent account is for a one-year period starting October 1 of the
One-third of the USD 15,000 balance in Unearned Subscription Fees has been earned. Since the last payday, the employees of the company have earned additional salaries in the amount of USD 5,430.
a. Prepare the year-end adjusting journal entries at December 31.
b. Open ledger accounts for each of the accounts involved, enter the balances as shown in the trial balance, post the adjusting journal entries, and calculate year-end balances.