Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

question 1) question 2) question 3: a) b) c) d) e) The Supplies account is: Multiple Choice reported on the Income Statement and has a

question 1)

image text in transcribed

question 2)

image text in transcribed

question 3: a)

image text in transcribed

b)

image text in transcribed

c)

image text in transcribed

d)

image text in transcribed

e)

image text in transcribed

The Supplies account is: Multiple Choice reported on the Income Statement and has a normal debit balance. reported on the Income Statement and has a normal credit balance. reported on the Balance Sheet and has a normal credit balance. reported on the Balance Sheet and has a normal debit balance. Which of the following accounts is not closed? Multiple Choice Fees Income Accounts Receivable Waghos Expense John Garcia, Drawing The following information relates to adjustments needed by a law firm at the end of an accounting period. Prepare the necessary adjusting journal entries for the month. A. Prepaid rent for the year on April 1, 2019. Rent expired during the month of April 2019, $5,100. Record the adjustment on Apriv 30 , 2019. B. Purchased supplies for $3,200 on April 1, 2019. Inventory of supplies was $2,400 on April 30,2019 . Record the adjustment for the amount of the supplies that were used during the month of April 2019. C. Depreciation is computed using the straight-line method. Equipment purchased on April 1, 2019, for $14,400 has an estimated useful life of 12 years with no salvage value. Record the adjustment on April 30, 2019. D. Signed a 6-month contract for $3,360 of prepaid advertising on April 1, 2019. Record the adjustment for the amount of the contract that expired during the month of April 2019. Journal entry worksheet Prepaid rent for the year on April 1, 2019. Rent expired during the month of April 2019, $5,100. Record the adjustment on April 30, 2019. Journal entry worksheet Prepaid rent for the year on April 1, 2019. Rent expired during the month of April 2019, \$5,100. Record the adjustment on April 30, 2019. Note: Enter debits before credits. Journal entry worksheet Purchased supplies for $3,200 on April 1, 2019. Inventory of supplies was $2,400 on April 30,2019 . Record the adjustment for the amount of the supplies that were used during the month of April 2019. Note: Enter debits before credits. Journal entry worksheet Depreciation is computed using the straight-line method. Equipment purchased on April 1, 2019, for $14,400 has an estimated useful life of 12 years with no salvage value. Record the adjustment on April 30, 2019. Note: Enter debits before credits. Signed a 6-month contract for $3,360 of prepaid advertising on April 1, 2019. Record the adjustment for the amount of the contract that expired during the month of April 2019. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Apple Marketing Audit And New Service Product Plan

Authors: Sherry King

1st Edition

3656610797, 978-3656610793

More Books

Students also viewed these Accounting questions

Question

3. Understand the role and eff ect of medical malpractice

Answered: 1 week ago