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

question 62

Essay

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, 2013. Inventory of supplies was $600 on November 30, 2013. Record the adjustment for the amount of the supplies that were used during the month of November 2013.
B. Signed a 4-month contract for $2,400 of prepaid advertising on November 1, 2013. Record the adjustment for the amount of the advertising contract that expired during the month of November 2013.
C. Prepaid rent for the year on November 1, 2013. Rent expired during the month of November 2013, $1,500. Record the adjustment on November 30, 2013.
D. Depreciation is computed using the straight-line method. Equipment purchased on November 1, 2013, for $6,000 has an estimated useful life of 5 years with no salvage value. Record the adjustment on November 30, 2013.

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Definitions:

Irish Catholics

refers to members of the Catholic Church who are ethnically Irish, a group that historically faced discrimination and played significant roles in the cultural and political life of countries like the United States.

Monetary Policy

The process by which a central bank or monetary authority manages supply of money, often targeting inflation or interest rates to ensure economic stability and growth.

Republicans

Individuals affiliated with the Republican Party in the US, emphasizing limited government, individual freedom, and fiscal conservatism.

Populists

A political movement in the late 19th century United States, advocating for the interests of average people (often farmers) against the elites, leading to the creation of the Populist Party.