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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 Preparing adjusting entries annualprepaid expense LO
Dr Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December yearend.
a On October Dr Chan prepaid $ for four months of rent.
b On November Dr Chan prepaid $ to renew the clinic's magazine subscriptions. The subscription is for one year.
c On December Dr Chan pays $ for supplies. At the end of the year, $ of supplies had not been used.
Required:
For the above transactions, record the initial journal entry and the adjusting entry required on December
a
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