Adjusting Accounts - Prepaid Expenses Directions: 1) Prepare GAAP Journal Entries for all of the transactions. 2) Include the mathematical calculations (if you have to calculate a number, show the work.) Problem #3 On April 10, ABC Company paid $75,000 for 12-months of office supplies. On Dec 31, the company counted the office supplies and noted that $18,500 of supplies were on hand. Date Accounts Debit Credit

Adjusting Accounts - Prepaid Expenses Directions: 1) Prepare GAAP Journal Entries for all of the transactions. 2) Include the mathematical calculations (if you have to calculate a number, show the work.) Problem \#3 On April 10, ABC Company paid \$75,000 for 12-months of office supplies. On Dec 31, the company counted the office supplies and noted that $18,500 of supplies were on hand