Question: Question. 4 Bramble, CPA, opened an accounting consulting practice on January 01, 2017. During the first month of operations, the following transactions occurred. The firm

Question. 4Bramble, CPA, opened an accounting consulting practice on January 01, 2017. During the first month of operations, the following transactions occurred. The firm closes its accounts at the end of each month.

1.Purchased computer and networking equipment of January 1^stfor $ 52,000, paying $ 26000 in cash and signing a $ 26000, 3 years notes payable. The useful life of computer and networking equipment is 5 years. (Use Straight line Method)

2.Purchased $ 2400 of supplies. On January 31, determined that $ 650 of supplies were on Hand. (5 Marks)

Instructions

a)Prepare the adjusting entries on January 31.

b)Why do businesses make adjustments at the end of each fiscal year?

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