Read the description of following adjustments that are required at the end of th

Question

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. Purchased supplies for $4,100 on November 1, 2019. Inventory of supplies was $1,160 on November 30, 2019. Record the adjustment B. Signed a 4-month contract for $3,520 of prepaid C. Prepaid rent for the year on November 1, 2019. Rent expired during the month of November 2019, $2,900. Record the adjustment on for the amount of the supplies that were used during the month of November 2019 ising on November 1, 2019. Record the adjustment for the amount of the advertising contract that expired during the month of November 2019. November 30, 2019. Depreciation is computed using the straight-line method. Equipment purchased on November 1, 2019, for $9,360 has an estimated useful life of 6 years with no salvage value. Record the adjustment on November 30, 2019. Journal entry worksheet was $1,160 on November 30, 2019. Record the adjustment for the amount of the supplies that were used during the month of November 2019. Debit Record entry Clear entry

Explanation / Answer

Transaction

Accounts Tittles and Explanations

Debit ($)

Credit ($)

A

Supplies Expense A/c

2,940

To Supplies A/c

2,940

[Entry to record supplies used during the month of November 2019]

Supplies purchased on November 1,2019 = $4,100

Supplies Balance on November 30,2019 = 1,160

Therefore, Supplies used during the month of November 2019 = $2,940 [$4,100 – 1,160]

Transaction

Accounts Tittles and Explanations

Debit ($)

Credit ($)

A

Supplies Expense A/c

2,940

To Supplies A/c

2,940

[Entry to record supplies used during the month of November 2019]

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