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Read each of the following transactions for Masonry Experts. Determine the accounts and amounts to be debited and credited in the necessary end-of-February adjustments. A.

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Read each of the following transactions for Masonry Experts. Determine the accounts and amounts to be debited and credited in the necessary end-of-February adjustments. A. On February 1, 20x1, Masonry Experts, a new firm, bought supplies for $1,300. The $1300 was debited to the Supplies account. An inventory of supplies at the end of February indicated that supplies costing $900 were used during the period. B. On February 1, 20x1, the firm bought furniture costing $38,000. The furniture has an expected useful life of 10 years and a salvage value of $2,000. The firm will use the straight-line method of depreciation C.On February 1, 20x1, the firm paid $3,500 in advance for seven months of advertising. The $3,500 was debited to the Prepaid Advertising account. Answer is not complete. Credit Transaction General Journal Debit 1,300 No olo 300 Supplies expense Supplies 1 35,000 3 . 2.000 2 B Utilities expense Accumulated depreciation - Furniture 35,000 3 Prepaid advertising

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