1. Record adjusting journal entries for the following:

(a) The $1500 computer cost will be depreciated over a useful life of five years. (depeciation expense is calculated as $1500/5 years = $300 per year.) Use Account No. 62400 (depreciation expense) and 14300 (accumulated depreciation computer) to record the adjusting entry.

(b) The $500 painting equipment cost is depreciated using straight-line depreciation over five years with no salvage value. Use Account No. 62400 (depreciation expense) and 14600 (accumulated depreciation equipment) to record the adjusting entry.

(c) On December 31, 2023 you take an inventory of unused paint supplies on hand to learn that $100 of paint supplies are still on hand as of that date. Since the supplies were recorded as supplies expense when originally purchased, an adjusting entry is needed. Use Account No. 13000 (paint supplies) to record the $100 of unused paint supplies as an asset with future benefit.