Read the Description of the Following Adjustments That Are Required

question 68

Short Answer

Read the description of the following adjustments that are required at the end of the accounting period for Riley Furniture Restoration. Determine the account and amount to be debited and the account and amount to be credited.
A. Purchased supplies for $1,000 on June 1, 2019. Inventory of supplies was $300 on June 30, 2019. Record the adjustment for the amount of the supplies used during the month of June 2019.
B. Signed a 4-month contract for $1,200 of prepaid advertising on June 1, 2019. Record the adjustment for the amount of the advertising contract that expired during the month of June 2019.
C. Prepaid rent for one year on June 1, 2019, in the amount of $12,600.
D. Depreciation is computed using the straight-line method. Equipment purchased on June 1, 2019, for $16,800 has an estimated useful life of 5 years with no salvage value. Record the adjustment on June 30, 2019.

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Definitions:

Social Emotion

Emotional responses that are influenced by interactions or relationships with other people, reflecting the collective or social aspect of emotions.

Embarrassment

A feeling of self-consciousness, shame, or awkwardness that arises when a person's actions, characteristics, or situation violates societal norms.

Credit Card

is a plastic card issued by a bank or financial institution allowing the holder to purchase goods or services on credit.

Date

A specific day of the month or year, often specified by a number.