Office Equipment 12,000 debit

Office Supplies 2,400 debit

Accounts Payable 14,400 credit

For each of the following four separate cases, show adjusting entries required of financial statements

for the year ended (date of) December 31, 2018. (Assume that prepaid expenses are initially recorded in

asset accounts and that fees collected in advance of work are initially recorded as liabilities.).

The Office Supplies account had a $480 debit balance on December 31, 2017. During 2018, $5,349 of office supplies are purchased. A physical count of supplies at December 31, 2018, shows $587 of supplies available.