Question

Problem 1-Adjusting entries. Present, in proper journal entry form, the adjustments that would be made on December 31, 2020 for each of the following. If calculations are necessary, show calculations below the entry. Full credit will not be awarded if a calculation is required but not shown 1. Supplies of $9,350 were on hand at December 31, 2019. Supplies conting $25,000 were purchased during the year and debited to supplies. A count on December 31, 2020 indicated that supplies costing on hand of $8,800. 2. On April 30, a ten-month, 6% note for $40,000 was received from a customer. 3. On October 1, $12,000 was collected as rent for one year and Rent Hovenue was credited. 4. Depreciation of $10,000 was recorded on the company's equipment.

Answer 1

Answer Adjusting Towgal Entries Adjusting journal emblies are the Pobies which segregabe income 99d expence to the relative accounting financial period Adjusting Journal Entries are passed at the ear of Accounting period. ° Adjusting journal eabies are passed in accordance of the Elccounting priociale. Of acexual concept, Accougl Gaceply tells Pxpense and income relobos to a particular period shoyld have to be recorded in such partiaku perlah