Introduction to Accounting An Integrated Approach Eighth Edition Chapter 7 E7.13

7.13 Prepare the adjusting entry for each of the following situations: A. On May 1, Unicover Services, Inc., had a $7,820 debit balance in its supplies account. During May, $4,250 of additional supplies were purchased. At the end of the month, a count of supplies revealed $2,430 left on hand. B. Best Sports Enterprises, which produces a monthly magazine, received $9,600 in payments from its customers for two-year subscriptions. The subscriptions start with the June issue this year. The company prepares financial statements annually on December 31