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

question 64

Short Answer

Read the description of following adjustments that are required at the end of the accounting period for Drake Consulting Services. Determine the account and amount to be debited and the account and amount to be credited.
A. Prepaid rent for one year on January 1, 2019, in the amount of $26,400. Record the adjustment on January 31, 2019.
B. Purchased supplies for $1,600 on January 1, 2019. The inventory of supplies was $400 on January 31, 2019. Record the adjustment for the amount of the supplies that were used during the month of January 2019.
C. Depreciation is computed using the straight-line method. Equipment purchased on January 1, 2019, for $36,000 has an estimated useful life of 6 years with no salvage value. Record the adjustment on January 31, 2019.
D. Signed a 12-month contract for $3,000 of prepaid advertising on January 1, 2019. Record the adjustment for the amount of the advertising contract that expired during the month of January 2019.

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Definitions:

Social Facilitation

The tendency for individuals to perform differently when in the presence of others, typically improving on simple or well-rehearsed tasks and performing poorly on complex tasks.

Dominant Responses

The most common or likely actions, behaviors, or emotional reactions an individual displays in response to a particular situation or stimulus.

Binge Eating

A disorder characterized by recurrent episodes of eating large quantities of food, often quickly and to the point of discomfort.

Feeling Full

The sensation of having eaten enough or to satisfaction, often associated with satiety.