Q1)A Company purchased computer equipment on May 1, 2019 for $4,500. The company expects to use the equipment for 3 years. It has no salvage value. If financial statements are to be prepared on monthly, the company should make the following adjusting entry: *

1)Debit Depreciation Expense, $125;

Credit Accumulated Depreciation, $125

2Debit Depreciation Expense, $1,500; Credit Accumulated Depreciation, $1,500

3)Debit Depreciation Expense, $1,000; Credit Accumulated Depreciation, $1,000

4)None of the above

Q2))Baden Company received a check for $16,000 on July 1 which represents a 4 month advance payment of rent on a building it rents to a client. Unearned Rent was credited for the full $16,000. Financial statements will be prepared monthly. Baden should make the following adjusting entry on July 31: *

1)Debit Unearned Rent Revenue, $3,000; Credit Rent Revenue, $3,000

2)Debit Rent Revenue, $3,000; Credit Unearned Rent Revenue, $3,000

3)Debit Unearned Rent Revenue, $16,000; Credit Rent Revenue, $16,000

4)None of the above

Q3))A Company purchased office supplies costing $6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a count of office supplies revealed $2,400 had been used. The appropriate adjusting journal entry to be made at the end of the period would be: *

1)Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400

2)Debit Office Supplies, $3,600; Credit Office Supplies Expense, $3,600

3)Debit Office Supplies Expense, $3,600; Credit Office Supplies, $3,600

4)Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400