Prepare Adjusting Entries for the Following Transactions

question 6

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 $600 of office supplies during the period. At the end of the period $120 of supplies were on hand.
3. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $300 was unexpired.

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Definitions:

NAFTA

The North American Free Trade Agreement; a treaty between the United States, Canada, and Mexico that eliminated most tariffs on trade between them.

European Union

A political and economic union of 27 European countries that have agreed to follow common economic, social, and security policies.

Labor Standards

Regulations concerning the rights and welfare of workers, including minimum wage, working hours, safety, and health protections, and non-discrimination practices.

NAFTA

The North American Free Trade Agreement, a treaty between Canada, Mexico, and the United States that eliminated most tariffs and trade barriers between the countries, in effect from 1994 to 2020.