Exercise 277 Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when...

 

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Exercise 277 Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Depreciation on equipment is $1,340 for the accounting period. 2 Interest owed on a loan but not paid or recorded is $275, There was no beginning balance of supplies and $550 of office supplies were purchased during the period. At the end of the period $100 of supplies were on hand. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $700 had expired. Accrued salaries at the end of the period amounted to $900. 32 4. 5. No. Account Titles and Explanation 1. Depreciation Experise 5. Accumulated Depreciation Equipment Debit 1,340 Credit 1,340 Exercise 277 Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Depreciation on equipment is $1,340 for the accounting period. 2 Interest owed on a loan but not paid or recorded is $275, There was no beginning balance of supplies and $550 of office supplies were purchased during the period. At the end of the period $100 of supplies were on hand. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $700 had expired. Accrued salaries at the end of the period amounted to $900. 32 4. 5. No. Account Titles and Explanation 1. Depreciation Experise 5. Accumulated Depreciation Equipment Debit 1,340 Credit 1,340

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