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Calculate the Supplies expense (used) in each of the cases: 1. The Supplies account has an $800 debit balance to start the year. Supplies
Calculate the Supplies expense (used) in each of the cases: 1. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining. 2. Calculate the Prepaid expense expired in each of the cases The Prepaid Insurance account has a $5,890 debit balance at the start of the year. A review of insurance policies and payments shows $1,040 of insurance has expired by year-end. 3. Calculate Depreciation expense: 4. The company purchased an equipment on January 1, 2021. That asset had cost $19,200, had an estimated life of 4 years, and is expected to have zero value at the end of the 4 years. Calculate Depreciation expense for December 31, 2021. Prepare Adjustment entries for all the above items. Date Account Titles Debit Credit
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