Question One - Joumalize the following monthly adjusting entries: Purchased equipment for $20,000, it should last 5 years and have $2,000 salvage value • Purchased $1,000 of office supplies at month's end $200 was left Received $400 for work you will do next month Question Two - Journalize closing entries based on the following: Cash 1,000 Amber, Capital 10,000 Salary Expense 3,000 Rent Expense 2,000 Amber, Withdrawals 1,000 Revenue Earned 10,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question One - Joumalize the following monthly adjusting entries:
Purchased equipment for $20,000, it should last 5 years and have $2,000 salvage value
• Purchased $1,000 of office supplies at month's end $200 was left
Received $400 for work you will do next month
Question Two - Journalize closing entries based on the following:
Cash
1,000
Amber, Capital 10,000
Salary Expense
3,000
Rent Expense 2,000
Amber, Withdrawals 1,000
Revenue Earned
10,000
Transcribed Image Text:Question One - Joumalize the following monthly adjusting entries: Purchased equipment for $20,000, it should last 5 years and have $2,000 salvage value • Purchased $1,000 of office supplies at month's end $200 was left Received $400 for work you will do next month Question Two - Journalize closing entries based on the following: Cash 1,000 Amber, Capital 10,000 Salary Expense 3,000 Rent Expense 2,000 Amber, Withdrawals 1,000 Revenue Earned 10,000
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