J. Kent, owner of Fitness Co, wants you to prepare the three adjusting entries for the month

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J. Kent, owner of Fitness Co, wants you to prepare the three adjusting entries for the month of May on Journal.Be sure to include descriptions.

a) Supplies: May 1, $4,900; May 31, $900.
b) On May 1, $4,000 of prepaid rent remained for the period of May 1 - August 31.
c) Truck $22, 000; Accumulated Depreciation Truck May 1, $12, 000.

Residual Value 0. Depreciation rate is 30 percent per year. Use the Declining Balance method.Solve:

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Jul 22, 2023 03:07 AM

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J. Kent, owner of Fitness Co, wants you to prepare the three adjusting entries for the month

Question:

DATE GENERAL JOURNAL PARTICULARS Page PR DEBIT CREDIT DATE GENERAL JOURNAL PARTICULARS Page PR DEBIT CREDIT

Expert Answer:

SOLUTION Here are the adjusting journal entries for the month of May a Supplies Expense 4000 Supplie... View the full answer

Income Tax Fundamentals 2013

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