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Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2023 year-end. a. On October 1, 2023, Dr. Chan prepaid $9,000 for four months of rent. b. On November 1, 2023, Dr. Chan prepaid $324 to renew the clinic's magazine subscriptions. The subscription is for one yea c. On December 1, 2023, Dr. Chan pays $3,150 for supplies. At the end of the year, $2,100 of supplies had not been used. Required: For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2023. a.

Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2023 year-end. a. On October 1, 2023, Dr. Chan prepaid $9,000 for four months of rent. b. On November 1, 2023, Dr. Chan prepaid $324 to renew the clinic's magazine subscriptions. The subscription is for one yea c. On December 1, 2023, Dr. Chan pays $3,150 for supplies. At the end of the year, $2,100 of supplies had not been used. Required: For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2023. a.

FINANCIAL ACCOUNTING
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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Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2023 year-end. a. On October 1, 2023, Dr. Chan prepaid $9,000 for four months of rent. b. On November 1, 2023, Dr. Chan prepaid $324 to renew the clinic's magazine subscriptions. The subscription is for one year. c. On December 1, 2023, Dr. Chan pays $3,150 for supplies. At the end of the year, $2,100 of supplies had not been used. Required: For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2023. a. View transaction list Journal entry worksheet 1 Saved 2 J Record rent expense.
Transcribed Image Text:Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2023 year-end. a. On October 1, 2023, Dr. Chan prepaid $9,000 for four months of rent. b. On November 1, 2023, Dr. Chan prepaid $324 to renew the clinic's magazine subscriptions. The subscription is for one year. c. On December 1, 2023, Dr. Chan pays $3,150 for supplies. At the end of the year, $2,100 of supplies had not been used. Required: For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2023. a. View transaction list Journal entry worksheet 1 Saved 2 J Record rent expense.
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