Prepare Adjusting Entries for the Following Transactions

question 280

Essay

Prepare adjusting entries for the following transactions. Omit explanations.
1. Depreciation on equipment is €800 for the accounting period.
2. There was no beginning balance of supplies and purchased €700 of office supplies during the period. At the end of the period €100 of supplies were on hand.
3. Prepaid rent had a €1,000 normal balance prior to adjustment. By year end €800 was unexpired.

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Definitions:

Threaten

To express intention to cause harm or take adverse action against someone in order to induce them to do or abstain from doing something.

Affirmative Action Programs

Policies designed to increase the employment opportunities for minorities and other underrepresented groups by taking positive steps to hire them.

Protected Groups

Categories of people who are legally shielded from discrimination on the basis of characteristics such as race, gender, age, or disability.

Relevant Labor Market

The area from which employers attract employees or the job categories from which employees are hired, considering factors like geography and skillset.