Prepare Adjusting Entries for the Following Transactions

question 44

Essay

Prepare adjusting entries for the following transactions. Omit explanations.
1. Depreciation on equipment is $600 for the accounting period.
2. There was no beginning balance of supplies and purchased $600 of supplies during the period. At the end of the period $150 of supplies were on hand.
3. Prepaid rent had a $1200 normal balance prior to adjustment. By year end $400 was unexpired.

---

Definitions:

Seceding

The act of formally withdrawing from an organization, union, or especially a federation of states, such as the Southern states seceding from the Union leading to the Civil War.

James Buchanan

The 15th president of the United States, serving immediately prior to the American Civil War.

Political Experience

Refers to the practical experience acquired through involvement or participation in political processes, often considered valuable in governance roles.

Mexican War

A conflict between the United States and Mexico from 1846 to 1848, resulting in the U.S. acquiring territories that include present-day California, Arizona, and New Mexico.