Prepare Adjusting Entries for the Following Transactions

question 35

Essay

Prepare adjusting entries for the following transactions. Omit explanations.
1. Depreciation on equipment is $1,050. 2. Interest incurred and owed on a loan but not paid or recorded is $275. 3. There was a beginning balance of supplies of $120 and the company purchased $400 of office supplies during the period. At the end of the year $70 of supplies were on hand. 4. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $400 had expired. 5. Accrued salaries at year end were $1,100.

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Definitions:

Exercise

Physical activities undertaken to maintain or improve health and fitness.

Health

The state of complete physical, mental, and social well-being, not merely the absence of disease or infirmity.

Calories

A unit of energy usually used to measure the energy content in food and beverages.

Neurons

The basic working units of the brain, specialized cells that transmit information through electrical and chemical signals.