Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2020 year-end. a. On October 1, 2020, Dr. Chan prepaid $8,000 for four months of rent. b. On November 1, 2020, Dr. Chan prepaid $480 to renew the clinic's magazine subscriptions. The subscription is for one year. c. On December 1, 2020. Dr. Chan pays $3,000 for supplies. At the end of the year, $2.000 of supplies had not been used. Requlred: For the above transactions, record the initial journal entry and the adjusting entry required on December 31. 2020. a. View joumal entry worksheet View transaction list No Date General Journal Debit Credit Oct 01, 2020 Prepaid rent 8,000 Cash 8,000 Prepaid magazine subscription 480 Cash 480 2 Dec 31, 2020 Rent expense 6,000 Prepaid rent 6,000 Magazine subscription expense 80 Prepaid magazine subscription 80 Supplies expense 1,000 Supplies 1,000

Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2020 year-end. a. On October 1, 2020, Dr. Chan prepaid $8,000 for four months of rent. b. On November 1, 2020, Dr. Chan prepaid $480 to renew the clinic's magazine subscriptions. The subscription is for one year. c. On December 1, 2020. Dr. Chan pays $3,000 for supplies. At the end of the year, $2.000 of supplies had not been used. Requlred: For the above transactions, record the initial journal entry and the adjusting entry required on December 31. 2020. a. View joumal entry worksheet View transaction list No Date General Journal Debit Credit Oct 01, 2020 Prepaid rent 8,000 Cash 8,000 Prepaid magazine subscription 480 Cash 480 2 Dec 31, 2020 Rent expense 6,000 Prepaid rent 6,000 Magazine subscription expense 80 Prepaid magazine subscription 80 Supplies expense 1,000 Supplies 1,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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