Read the description of following adjustments that are required at the end of the accounting period...

   
 
 

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Read the description of following adjustments that are required at the end of the accounting period for Hubbard Repair Services, a new firm. Determine the account and amount to be debited and the account and amount to be credited. A. Purchased supplies for $2,900 on November 1, 20X1. Inventory of supplies was $840 on November 30, 20X1. Record the adjustment for the amount of the supplies that were used during the month of November 20X1. B. Signed a 4-month contract for $2,880 of prepaid advertising on November 1, 20X1. Record the adjustment for the amount of the advertising contract that expired during the month of November 20X1. C. Prepaid rent for the year on November 1, 20X1. Rent expired during the month of November 20X1 totaled $2,100. Record the adjustment on November 30, 20X1. D. Depreciation is computed using the straight-line method. Equipment purchased on November 1, 20X1, for $7,200 has an estimated useful life of 4 years with no salvage value. Record the adjustment on November 30, 20X1. View transaction list Journal entry worksheet 2 Transaction A 3 Purchased supplies for $2,900 on November 1, 20X1. Inventory of supplies was $840 on November 30, 20X1. Record the adjustment for the amount of the supplies that were used during the month of November 20X1. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal > Journal entry worksheet 1 2 Transaction B 3 Signed a 4-month contract for $2,880 of prepaid advertising on November 1, 20X1. Record the adjustment for the amount of the advertising contract that expired during the month of November 20X1. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal > Journal entry worksheet 1 2 Transaction с ♡ Prepaid rent for the year on November 1, 20X1. Rent expired during the month of November 20X1 totaled $2,100. Record the adjustment on November 30, 20X1. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal > Journal entry worksheet A 1 2 Depreciation is computed using the straight-line method. Equipment purchased on November 1, 20X1, for $7,200 has an estimated useful life of 4 years with no salvage value. Record the adjustment on November 30, 20X1. 3 Note: Enter debits before credits. Transaction D Record entry General Journal Clear entry Debit Credit View general journal Read the description of following adjustments that are required at the end of the accounting period for Hubbard Repair Services, a new firm. Determine the account and amount to be debited and the account and amount to be credited. A. Purchased supplies for $2,900 on November 1, 20X1. Inventory of supplies was $840 on November 30, 20X1. Record the adjustment for the amount of the supplies that were used during the month of November 20X1. B. Signed a 4-month contract for $2,880 of prepaid advertising on November 1, 20X1. Record the adjustment for the amount of the advertising contract that expired during the month of November 20X1. C. Prepaid rent for the year on November 1, 20X1. Rent expired during the month of November 20X1 totaled $2,100. Record the adjustment on November 30, 20X1. D. Depreciation is computed using the straight-line method. Equipment purchased on November 1, 20X1, for $7,200 has an estimated useful life of 4 years with no salvage value. Record the adjustment on November 30, 20X1. View transaction list Journal entry worksheet 2 Transaction A 3 Purchased supplies for $2,900 on November 1, 20X1. Inventory of supplies was $840 on November 30, 20X1. Record the adjustment for the amount of the supplies that were used during the month of November 20X1. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal > Journal entry worksheet 1 2 Transaction B 3 Signed a 4-month contract for $2,880 of prepaid advertising on November 1, 20X1. Record the adjustment for the amount of the advertising contract that expired during the month of November 20X1. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal > Journal entry worksheet 1 2 Transaction с ♡ Prepaid rent for the year on November 1, 20X1. Rent expired during the month of November 20X1 totaled $2,100. Record the adjustment on November 30, 20X1. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal > Journal entry worksheet A 1 2 Depreciation is computed using the straight-line method. Equipment purchased on November 1, 20X1, for $7,200 has an estimated useful life of 4 years with no salvage value. Record the adjustment on November 30, 20X1. 3 Note: Enter debits before credits. Transaction D Record entry General Journal Clear entry Debit Credit View general journal

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Answer Adjustment journal entries at the end of January Transaction General Journal De... View the full answer