Read the Description of Following Adjustments That Are Required at the End

question 42

Short Answer

Read the description of following adjustments that are required at the end of the accounting period for Hubbard Repair Services. Determine the account and amount to be debited and the account and amount to be credited.
A. Purchased supplies for $2,000 on November 1, 2019. Inventory of supplies was $600 on November 30, 2019. Record the adjustment for the amount of the supplies that were used during the month of November 2019.
B. Signed a 4-month contract for $2,400 of prepaid advertising on November 1, 2019. Record the adjustment for the amount of the advertising contract that expired during the month of November 2019.
C. Prepaid rent for the year on November 1, 2019. Rent expired during the month of November 2019, $1,500. Record the adjustment on November 30, 2019.
D. Depreciation is computed using the straight-line method. Equipment purchased on November 1, 2019, for $6,000 has an estimated useful life of 5 years with no salvage value. Record the adjustment on November 30, 2019.

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Definitions:

Client-Centred Therapies

Psychological treatments that emphasize the client's self-discovery, self-acceptance, and a growth-oriented process, developed by Carl Rogers.

Self

The individual’s recognition of their own identity, characterized by personal awareness and the understanding of one’s own thoughts, feelings, and actions.

Chronic Anxiety

A persistent state of excessive worry and fear that interferes with daily activities, often a symptom of an anxiety disorder.

Behaviour Therapy

A form of psychotherapy dedicated to modifying unwanted behaviors via conditioning and reinforcement techniques.