Question: Exercise 5.1 LO 5-2 Journal entry worksheet Prepare the adjusting entry for supplies. Note: Enter debits before credits. Journal entry worksheet Prepare the adjusting entry

Exercise 5.1 LO 5-2 Exercise 5.1 LO 5-2 Journal entry worksheet Prepare the adjusting entry

adjusting entry for depreciation. Note: Enter debits before credits. Exercise 5.1 (Algo)

Journal entry worksheet Prepare the adjusting entry for supplies. Note: Enter debits before credits. Journal entry worksheet Prepare the adjusting entry for depreciation. Note: Enter debits before credits. Exercise 5.1 (Algo) Calculating adjustments. LO 5-2 1. On June 1, 20X1, Keller Company, a new firm, paid $6,790 rent in advance for a seven-month period. The $6,790 was debited to the Prepaid Rent account. 2. On June 1, 20X1, the firm bought supplies for $7,800. The $7,800 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $3,225 were on hand. 3. On June 1,20X1, the firm bought equipment costing $61,560. The equipment has an expected useful life of 9 years and no salvage value. The firm will use the straight-line method of depreciation. Prepare end-of-June adjusting entries for Keller Company. Journal entry worksheet Prepare the adjusting entry for prepaid rent. Note: Enter debits before credits

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