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Prepare the required end-of-period adjusting entries for each independent case listed below. Case 1 The Pina Colada Company began the year with a $3.120 balance
Prepare the required end-of-period adjusting entries for each independent case listed below. Case 1 The Pina Colada Company began the year with a $3.120 balance in the Supplies account. During the year, $8,840 of additional supplies were purchased. A physical count of supplies on hand at the end of the year revealed that $8,632 worth of supplies had been used during the year. No adjusting entry has been made until year end. Case 2 The Pronghorn Company has a calendar year-end accounting period. On July 1, the company purchased office equipment for $31,200. It is estimated that the office equipment will depreciate $208 each month. No adjusting entry has been made until year end. Case 3 Kingbird Realty is in the business of renting several apartment buildings and prepares monthly financial statements. It has been determined that 2 tenants in $936 per month apartments and one tenant in the $1,040 per month apartment had not paid their December rent as of December 31
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