Prepare Adjusting Entries for Wando Company for the Month of July

question 18

Essay

Prepare adjusting entries for Wando Company for the month of July for the following transactions. Omit explanations.
1. Depreciation on the company's equipment is $600 per month.
2. There was no supplies on hand at the beginning of the month. During the month, $600 of supplies were purchased. At the July, $150 of supplies were on hand.
3. Prepaid insurance had a $1,200 normal balance prior to adjustment. At the end of July, $400 of insurance was unexpired.

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Definitions:

Dissolved

The process by which a substance is integrated into a liquid making it part of the liquid's composition.

Over-The-Counter

Refers to medicines and products available for purchase without a prescription from a healthcare professional.

General Population

The total number of individuals or inhabitants in a specified area or community, without excluding any subgroups.

Drug

Any chemical substance that affects the structure or function of the body, used for medicinal purposes to diagnose, cure, treat, or prevent disease.