Read Each of the Following Transactions for Enterprises Security Systems

question 23

Short Answer

Read each of the following transactions for Enterprises Security Systems. Determine the accounts and amounts to be debited and credited in the necessary end-of-July adjustments.
A. On July 1, 2019, Enterprises Security Systems, a new firm, bought supplies for $2,300. The
$2,300 was debited to the Supplies account. An inventory of supplies at the end of July showed that supplies costing $900 were on hand.
B. On July 1, 2019, the firm bought equipment costing $24,000. The equipment has an expected useful life of 10 years and no salvage value. The firm will use the straight-line method of depreciation.
C. On July 1, 2019, the firm paid $4,500 rent in advance for a nine-month period. The $4,500 was debited to the Prepaid Rent account.