Only the question in 2b photo. thanks! 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 transaction listView joumal entry worksheetNoDateGeneral JournalDebitCreditOct 01, 2020Prepaid rent8,000Cash8,000Prepaid magazine subscription480Cash4802Dec 31, 2020Rent expense6,000Prepaid rent6,000Magazine subscription expense80Prepaid magazine subscription80Supplies expense1,000Supplies1,000 b.View transaction list1Record a prepaid magazine subscription.2 Record the expiration of the magazine subscriptions.CreditNote := journal entry has been enteredRecord entryClear entryView general journal

Magazine subscription amount for 1 month = Total Magazine subscription / 12 months = $480 / 12…

Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2020 year-end. o. 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. Required: For the above transactions, record the initial journal entry and the adjusting entry required on December 31. 2020.

Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2020 year-end. o. 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. Required: For the above transactions, record the initial journal entry and the adjusting entry required on December 31. 2020.

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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