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Question

Plz help ty Plz help ty Plz help ty Plz help ty Plz help ty Plz help ty transactions described below were completed during 2016 by Story Company. A. On August 1, 2016, Story Company paid $12,000for one year's rent begining on that date. The rent payment was recorded as follows: rent 12,000 Cash 12 B. On March 1, 2016, Story Company purchased office supplies during the year that cost $2,400 and placed the supplies in a storeroom for use as needed. The purchase was recorded as follows: supplies inventory 2,400 Cash 240 At December 31, 2016, a count showed unused office supplies of $700 in the storeroom. There was a beginning inventory of $ 300 supplies on hand. C. On December 31, 2016, Story Company owed employees $1,300 for wages earned during December. These wages had not been paid or recorded. Required: Prepare the adjusting journal entries as of December 31, 2016, assuming no adjusting entries have been made during the year.

Explanation / Answer

Date Accounts Title Dr Cr 31-Dec Rent expenses $5,000 prepaid Rent (12000/12*5) $5,000 (being adjusting entry for recording rent expenses made) 31-Dec Office Supplies expenses 2000 Office SuppliesInventory 2000 (300+2400-700) (being adjusting entry recorded for office supplies) 31-Dec Wages Expenses $1,300 Wages Payable $1,300 (being wages incurred recorded) If any doubt please comment

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