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

question 35

Essay

Read the description of following adjustments that are required at the end of the accounting period for Anise's Repair Services. Record the necessary adjusting entries on page 2 of a general journal. Omit the descriptions.
A. Prepaid rent for the year on January 1, 2013. Rent expired during the month of January 2013, $1,600.
B. Purchased supplies for $4,000 on January 1, 2013. Inventory of supplies was $1,200 on January 30, 2013.
C. Depreciation is computed using the straight-line method. Equipment purchased on January 1, 2013, for $3,000 has an estimated useful life of 5 years with no salvage value.
D. Signed a 3-month contract for $450 of prepaid advertising on January 1, 2013.

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Definitions:

Grant's Abilities

Refers to the military and leadership qualities of Ulysses S. Grant, 18th President of the United States and commanding general during the American Civil War.

Strategic Aims

Long-term goals that an organization or individual plans to achieve, which guide decision-making and direction.

Western Hemisphere

The half of the Earth that lies west of the Prime Meridian (which crosses Greenwich, London) and east of the antimeridian, including the Americas, the western portions of Europe and Africa, and the eastern portion of the Pacific Ocean.