Demonstration Problems

After review of the accounts and records for 20X4, Mike Monhand discovered that the following entries were omitted by the bookkeeper throughout the 20X4 fiscal year.

1. Store supplies costing $ 1000 were purchased during the period and were charged to the Store Supplies account. At the end of the period, supplies costing $ 100 were on hand.
2. On December 1, 20X4, the company gave a $ 2000, four month note payable to a supplier. The note bears interest at 9 percent.
3. On November 1, 20X4, the company received a four month 10 percent note for $ 1800 from a customer in settlement of an overdue account.
4. On September 1, 20X4, the company purchased a one year insurance policy for $ 1140.00. The amount was charged to Prepaid insurance.

Instructions:
Prepare journal entries to record the above transactions, omit explanations.

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