1. Ashton Company began the year with a zero balance in its Supplies General Ledger account. During the year, Able Company purchased $39,600 of supplies. At the end of the year,a physical count of the supplies showed $1,760 of supplies remained on hand. Make the adjusting entry to the Supplies and Supplies Expense accounts for the year. Enter the date, account and debit and credit amount. Be sure to indent the credit line.

2. July 31, 2016, the end of the quarter, is on a Wednesday. Employees get paid each Friday for the week just worked. The company has five employees who earn $100 each per day. Make the Accrued Salaries Expense journal entry for Wednesday, July 31, 2016. Enter the date, accounts, debit and credit, and be sure to indent the credit line.

3. An asset that cost $50,000 was purchased on January 1, 2016. The asset has an estimated useful life of three years and an estimated salvage value of $3,200. Use the straight line method to prepare the adjusting journal entry for depreciation at the end of the year on December 31, 2016. Enter the date, accounts, debit and credit and be sure to indent the credit line.