Question
S Exercise 3-4 Preparing adjusting entries (annual)-prepaid expense LO4 Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a
S Exercise 3-4 Preparing adjusting entries (annual)-prepaid expense LO4 Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2023 year-end. a. On October 1, 2023, Dr. Chan prepaid $6,600 for four months of rent. b. On November 1, 2023, Dr. Chan prepaid $336 to renew the clinic's magazine subscriptions. The subscription is for one year. c. On December 1, 2023, Dr. Chan pays $3,225 for supplies. At the end of the year, $2,150 of supplies had not been used. Required: For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2023.
Answer all a,b and in table format as soon as possible please.
Journal entry worksheet Record the purchase of supplies. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record prepaid rent. Note: Enter debits before credits. Journal entry worksheet Record the expiration of the magazine subscriptions. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Exercise 3-4 Preparing adjusting entries (annual)-prepaid expense LO 4 Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2023 year-end. a. On October 1,2023 , Dr. Chan prepaid $6,600 for four months of rent. b. On November 1, 2023, Dr. Chan prepaid $336 to renew the clinic's magazine subscriptions. The subscription is for one year. c. On December 1, 2023, Dr. Chan pays $3,225 for supplies. At the end of the year, $2,150 of supplies had not been used. Required: For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2023. a. Journal entry worksheetStep by Step Solution
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