Question 1

For each transaction below, calculate the amount of expense to be recorded in the current period using accrual-basis accounting:

Required: a. Paid $3,500 on account for supplies purchased last period. All supplies were used last month. b. Paid $5,100 cash for advertising in the current period. c. Employees worked in the current period but will not be paid until the following period, $5,500.

Complete this question by entering your answers in the tabs below.

Paid $3,500 on account for supplies purchased last period. All supplies were used last month.

Expense to be recorded

Question 2

Suppose a company rents office space for one year, paying $36,000 ($3,000/month) in advance on September 1. Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the adjusting entry on December 31

Date	General Journal	Debit	Credit
December 31