For each of the following prepare the journal to record the adjusting entry on December 31, 2020 for Brownstone Co. 1. Began the year with a $6,200 balance in the Supplies account. During the year, $2,750 worth of additional supplies were purchased. A physical count of supplies on hand at the end of the year revealed that $3,875 worth of supplies had been used during the year. Prepare adjusting entry on December 31. 2. Oct 1, 2020 the company purchased equipment for $45,000. The estimated useful life of the equipment is 9 years. No depreciation has been recorded for 2020. Record depreciation. 3 It has been determined that two tenants who are charged $950 per month and one tenant charged $1,400 per month had not paid their December rent as of December 31.

For each of the following prepare the journal to record the adjusting entry on December 31, 2020 for Brownstone Co. 1. Began the year with a $6,200 balance in the Supplies account. During the year, $2,750 worth of additional supplies were purchased. A physical count of supplies on hand at the end of the year revealed that $3,875 worth of supplies had been used during the year. Prepare adjusting entry on December 31. 2. Oct 1, 2020 the company purchased equipment for $45,000. The estimated useful life of the equipment is 9 years. No depreciation has been recorded for 2020. Record depreciation. 3 It has been determined that two tenants who are charged $950 per month and one tenant charged $1,400 per month had not paid their December rent as of December 31.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter15: Preparing Adjusting Entries And A Trial Balance

Section: Chapter Questions

Problem 1AFE

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