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:

Right to Control

The authority or power to regulate, direct, or command something or someone's actions or decisions.

Conduct

Refers to the manner in which an individual behaves, especially within a professional or formal context.

Employer-Employee

The legal relationship between a person or company who hires and the individual who is hired to perform a specific task.

Agency Agreements

Legal contracts specifying the terms under which an agent will act on behalf of a principal in business dealings.