Record and post the following adjustments on month end: Insurance expired 150 Supplies on hand 1,020 (Total supplies from trial balance is 2000) Depreciation using straight-line method (5 yr useful life) Office Equipment- 7500, Furniture 3050 Accrued Salaries 20. Rent Expired 1,500

Record and post the following adjustments on month end: Insurance expired 150 Supplies on hand 1,020 (Total supplies from trial balance is 2000) Depreciation using straight-line method (5 yr useful life) Office Equipment- 7500, Furniture 3050 Accrued Salaries 20. Rent Expired 1,500

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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Question

Record and post the following adjustments on month end:

Insurance expired 150
Supplies on hand 1,020 (Total supplies from trial balance is 2000)
Depreciation using straight-line method (5 yr useful life) Office Equipment- 7500, Furniture 3050
Accrued Salaries 20.
Rent Expired 1,500

Explain why?

Question from me: Is it right to use formula of cost/5/12 if it says to adjust on month end? The start of transaction is April 4

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