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Exercise 3 - 4 Preparing adjusting entries ( annual ) - prepaid expense LO 4 Dr . Erica Chan, MD owns EC Health Clinic. She

Exercise 3-4 Preparing adjusting entries (annual)-prepaid expense LO4
Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31,2023 year-end.
a. On October 1,2023, Dr. Chan prepaid $9,900 for four months of rent.
b. On November 1,2023, Dr. Chan prepaid $312 to renew the clinic's magazine subscriptions. The subscription is for one year.
c. On December 1,2023, Dr. Chan pays $3,075 for supplies. At the end of the year, $2,050 of supplies had not been used.
Required:
For the above transactions, record the initial journal entry and the adjusting entry required on December 31,2023.
a.
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