Lecturer: Qais M.Shalatony Homework # 3 Q1 : Prepare adjusting entries for the following transactions. Omit explanations. 1. Depreciation on equipment is 800 for the accounting period. 2. There was no beginning balance of supplies and purchased 700 of office supplies during the period. At the end of the period 100 of supplies were on hand. 3. Prepaid rent had a 1,000 normal balance prior to adjustment. By year end 800 was unexpired. Transaction #Date Account Title Debit Credit 1 2 3 Q2 : On January 1, Bit & Bridle, CPAs received an $24000 cash retainer for services to be rendered ratably over the next 3 months. The full amount was credited to the liability account Unearned Service Revenue. Assuming that the revenue is earned equally over the 3-month period, what adjusting journal entry should be made at January 31? Transaction # Date Account Title Debit Credit 1 Q3: Jeff Anderer Enterprises purchased computer equipment on May 1, 2017 for $5,400. The company expects to use the equipment for 3 years. It has no residual value. 1. What adjusting journal entry should the company make at the end of each month if monthly financials are prepared (annual depreciation is $1,800)? Transaction # Date Account Title Debit Credit 1