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

question 13

Essay

Read the description of following adjustments that are required at the end of the accounting period for River Front Repair. 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, $7,200.
B. Equipment purchased on January 1, 2013, for $8,100 has an estimated useful life of 5 years with no salvage value. Depreciation is computed using the straight-line method.
C. Purchased supplies for $650 on January 1, 2013. Inventory of supplies was $100 on January 31, 2013.
D. Signed a 12-month contract for $4,800 of prepaid advertising on January 1, 2013.

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Definitions:

Congressional Medal

Also known as the Congressional Gold Medal, it is one of the highest civilian awards in the United States, awarded by Congress as an expression of national appreciation for distinguished achievements and contributions.

Posthumously

Occurring or done after the death of the individual in question, often relating to the publication of works or the awarding of honors.

First World War

A global conflict that lasted from 1914 to 1918, involving many of the world's nations, including all of the great powers, eventually forming two opposing military alliances: the Allies and the Central Powers.

Ninety-Second Division

An infantry division of the United States Army that was composed entirely of African American soldiers during World War I.