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. Prepaid rent for the year on April 1, 2013. Rent expired during the month of April 2013, $3,500. Record the adjustment on April 30, 2013.
B. Purchased supplies for $2,000 on April 1, 2013. Inventory of supplies was $1,600 on April 30, 2013. Record the adjustment for the amount of the supplies that were used during the month of April 2013.
C. Depreciation is computed using the straight-line method. Equipment purchased on April 1, 2013, for $18,000 has an estimated useful life of 5 years with no salvage value. Record the adjustment on April 30, 2013.
D. Signed a 6-month contract for $2,400 of prepaid advertising on April 1, 2013. Record the adjustment for the amount of the contract that expired during the month of April 2013.

Question

Quizplus · Accepted Answer

The Answer of 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. Prepaid rent for the year on April 1, 2013. Rent expired during the month of April 2013, $3,500. Record the adjustment on April 30, 2013.
B. Purchased supplies for $2,000 on April 1, 2013. Inventory of supplies was $1,600 on April 30, 2013. Record the adjustment for the amount of the supplies that were used during the month of April 2013.
C. Depreciation is computed using the straight-line method. Equipment purchased on April 1, 2013, for $18,000 has an estimated useful life of 5 years with no salvage value. Record the adjustment on April 30, 2013.
D. Signed a 6-month contract for $2,400 of prepaid advertising on April 1, 2013. Record the adjustment for the amount of the contract that expired during the month of April 2013.

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