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Prepare journal entries for the transactions below.
A company entered into the following transactions during April. This is the first month of their operation.
J. April 30th: Physical count of supplies shows the supplies bought on April 4th only have $400 worth left.
K. April 30th: Adjusted the rent expense (see transaction A).
Account Title and Explanation
|A||APril 1||Prepaid rent||4,500|
|D||APril 10||Accounts receivable||57,000|
|Unearned service revenue||24,000|
|G||APril 21||Accounts payable||15,000|
|H||APril 30||Utilities expense||380|
|I||APril 30||salaries expense||11,000|
|J||APril 30||Supplies expense||1,600|
|K||APril 30||Rent expense||1,500|
Supplies purchased = $2,000
Ending supplies = $400
Supplies expense = Supplies purchased - Ending supplies
= 2,000 - 400
Rent expense for 3 months = $4,500
Rent expense for 1 month = 4,500 x 1/3
Prepare journal entries for the transactions below. A company entered into the following transactions during April....
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