Prepare adjusting entries for the below transactions. 1.Depreciation on equipment is $800 for the accounting period. 2.There was no beginning balance of supplies and purchased $600 of office supplies during the period. At the end of the period $120 of supplies were on hand. 3.Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $300 was unexpired.
Prepare adjusting entries for the below transactions. 1.Depreciation on equipment is $800 for the accounting period. 2.There was no beginning balance of supplies and purchased $600 of office supplies during the period. At the end of the period $120 of supplies were on hand. 3.Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $300 was unexpired.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1.Depreciation on equipment is $800 for the accounting period.
2.There was no beginning balance of supplies and purchased $600 of office supplies during the period. At the end of the period $120 of supplies were on hand.
3.Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $300 was unexpired.
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