Could you please help my with this question ? Brilliant Architects Deferrals The

Question

Could you please help my with this question ? Brilliant Architects Deferrals The transactions for the year 2017 for Brilliant Architects have already been recorded. This problem shows how to prepare adjusting entries for Brilliant Architects for December 2017. A computer was purchased on January 1, 2015 for $1,600. The useful life of the Dec. 31 computer is 4 years. Dec. 31 On October 1, 2017, Brilliant Architects had paid $4,800 as rent for a six month period. This had been recorded as prepaid rent. Dec. 31 The amount of supplies available at the end of December was S200. The amount of supplies at the beginning of the period was $450. $250 of supplies were purchased during the year Dec. 31 Furniture costing $3,000 was purchased on Jan I, 2014. The useful life of the furniture is estimated to be 5 years. Dec. 31 Services were provided to a customer for $450. The cash was collected in advance on November 28, 2017.

Explanation / Answer

Solution:

Journal Entries:

Date 2017 Account Title Debit Credit Dec - 31 Purchase 1,600 Cash 1,600 Dec -31 Cash 4,800 Prepaid Rent    4,800 Dec -31 Supplies Avilable 200 Purchase Inventory 250 Cash 450 Dec -31 Furniture 3,000 Cash 3,000 Dec -31 Cash 450 Service Cost Amount 450

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