For each of the following scenarios, assume a December 31, 2023 year end and (a) determine the type of adjustment, (b) compute the amount of the adjustment, and (c) record the adjusting entry in journal entry format. 1. The Company purchased machinery on May 1 of this year for $65,000. At the time of purchase, the machinery was estimated to have a useful life of six years and a trade-in value of $5,000 at the end of five years. Use the straight-line method to compute the depreciation for this year. a. b. C. Date a. b. C. Description Date 2. Supplies purchased during the year totaled $4,500. At the end of the period, there were $1,000 in supplies on hand. Debit Description Credit Debit Credit

For each of the following scenarios, assume a December 31,2023 year end and (a) determine the type of adjustment, (b) compute the amount of the adjustment, and (c) record the adjusting entry in journal entry format. 1. The Company purchased machinery on May 1 of this year for $65,000. At the time of purchase, the machinery was estimated to have a useful life of six years and a trade-in value of $5,000 at the end of five years. Use the straight-fine method to compute the depreciation for this year. a. b. 2. Supplies purchased during the year totaled $4,500. At the end of the period, there were $1,000 in supplies on hand. a. b