Question

adjustments made at the end of the accounting period

songs by See What's Hot Requirement PTM cleats BMX Videos - Vital. Bike list 527.87 XBL Free Action games on St Saved Help Sa Read the description of the following adjustments that are required at the end of the accounting period for Riley Furniture Restoration Determine the account and amount to be debited and the account and amount to be credited. A. Purchased supplies for $1,000 on June 1, 2019. Inventory of supplies was $300 on June 30, 2019. Record the adjustment for the amount of the supplies used during the month of June 2019. B. Signed a 4-month contract for $1.200 of prepaid advertising on June 1. 2019. Record the adjustment for the amount of the advertising contract that expired during the month of June 2019 C. Prepaid rent for one year on June 1, 2019, in the amount of $12,600 Record the adjustment on June 30, 2019 D. Depreciation is computed using the straight line method. Equipment purchased on June 1, 2019, for $16,800 has an estimated useful life of 5 years with no salvage value. Record the adjustment on June 30, 2019. View transaction list Journal entry worksheet < Signed a 4-month contract for $1,200 of prepaid advertising on June 1, 2019 Record the adjustment for the amount of the advertising contract that expired during the month of June 2019. < Prey of 9H!! Next >

Answer 1

Journal Entries Date Account Title and Explaination Post. Ref. Debit (S) Credit (S) 700.00 Supplies Expense ($1000-$300) Supplies (To record adjusting entry for consumption of Supplies) 700.00 300.00 300.00 Advertising Expense ($1200/4) Prepaid Advertising Expense (To record adjusting entry for expired portion of prepaid advertising expenses) $ 1,050.00 1,050.00 Rent Expense ($12600/12months) Prepaid Rent Expense (To record adjusting entry for expired portion of prepaid rent) 280.00 Depreciation Expense ($16800/5yrsx1/12) Accumulated Depreciation - Equipment (To record Depreciation Expense on Equipment) 280.00