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Depreciation on the company's equipment for the year is computed to be $14,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. The

  • Depreciation on the company's equipment for the year is computed to be $14,000.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
a.

  • The Prepaid Insurance account had a $7,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the companys insurance policies showed that $1,980 of unexpired insurance coverage remains.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
b.

  • The Office Supplies account had a $440 debit balance at the beginning of the year; and $2,680 of office supplies were purchased during the year. The December 31 physical count showed $519 of supplies available.

Note: Enter debits before credits.

  • Three-fourths of the work related to $13,000 of cash received in advance was performed this period.

Note: Enter debits before credits.

  • The Prepaid Rent account had a $5,900 debit balance at December 31 before adjusting for the costs of expired prepaid rent. An analysis of the rental agreement showed that $3,920 of prepaid rent had expired.

Note: Enter debits before credits.

  • Wage expenses of $2,000 have been incurred but are not paid as of December 31.

Note: Enter debits before credits.

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