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need these journal entries, a bit confused i have them done bht meed clarification beginning balance of supplies is 5300 DEL INS 5. Record adjusting
need these journal entries, a bit confused i have them done bht meed clarification beginning balance of supplies is 5300 DEL INS 5. Record adjusting entries. (journal entries). These are entries made at the end of a period a) Depreciation for the year on the equipment is $6,000. You do not have to calculate anything, you are given the amount of depreciation expense and accumulated depreciation...you just need to put it in a journal entry. b) Supplies remaining on hand at the end of the year equal $1,100. What amount of supplies did they have in total (what they started with + any amounts purchased during the year)? Now, use that and the ending balance given here to determine the amount "used up". What you used up is your expense. You'll also want to reduce the supplies (asset) account by the amount used up. c) of the $5,000 paid in advance by customers, $3,500 of the work is provided by the end of the year. So how much did the company "earn"? Think about when a company can record revenue...when they earn it! d) Adjust the prepaid rent account. (Recall that you paid for an entire year's worth on Jan 1 and now that it is the end of the year, you have "used up" all of it.)
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