Question: I. Three transactions are given below that were completed during 2015 by Story Company. The annual accounting period ends December 31. Each transaction will require
I. Three transactions are given below that were completed during 2015 by Story Company. The annual accounting period ends December 31. Each transaction will require an adjusting entry at December 51, 209 Provide the adjusting entry required A. On June 1,2009, Story Company paid $12,600 for one year's rent begining on that date. The rent payment was recorded as follows: June 1, 2009: Prepaid rent $12,600 Cash 12,600 B. On February 1, 2009, Story Company purchased office supplies during the year that cost $700 and placed the supplies in a storeroom for use as needed. The purchase was recorded as follows: February 1, 2009: S700 flice supplies inventory 700 Cash At December 31, 2009, a count showed unused office supplies of $200 in the storeroom. There was no beginning inventory of supplies on hand. C. On December 31, 2009, Story Company owed employees $2,000 for wages earned during December. These wages had not been paid nor recorded
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