Feb 5-30 min 8 sec 110 Chapter 5 Homework Handout Problem 2 Read the description of following adjustinents that are required at the end of the accounting period, January 31, for Anine's Repair Services Journalize the necessary adjusting entries in a general journal. Out the descriptions. Use standard account titles, like those used in your textbook 1 Prepaid rent for the year on January 1. Kent expired during the month of January, $1.600. 2 Purchased supplies for $4,000 on January 1. Inventory of supplies was $1,200 on January 31. 3 Depreciation is computed using the straight-line method. Equipment purchased on January 11 for $3,000 has an estimated useful life of 5 years with no salvage value. 4 Signed a 3-month contract for $450 prepaid advertising on January 1 Tipe Remember you are journalizing the January 31 adjusting entry, NOT the original transaction! Date Accounts Debit Credit