Chp 4 (Ex. 157) (10 marks) Prepare adjusting entries for the following transacti

Question

Chp 4 (Ex. 157) (10 marks) Prepare adjusting entries for the following transactions. Omit explanations. 1. Depreciation on equipment is $850. 2. Interest incurred and owed on a loan but not paid or recorded is $300. 4. 3. There was a beginning balance of supplies of $150 and the company purchased $325 of office supplies during the period. At the end of the year $85 of supplies were on hand. 4. Prepaid rent had a $2,000 normal balance prior to adjustment. By year end $600 had expired. 5. Accrued salaries at year end were $875. 2 4 13

Explanation / Answer

1 Answer:

Dr Depreciation Expense 850

Cr Accumulated Depreciation 850

2 Answer :-

Dr Interest Expense 300

Cr Interest Payable 300

3 Answer :-

Dr Supplies Expense 390

Cr Supplies 390

4 Answer:-

Dr Rent Expense 600

Cr Prepaid Rent 600

5 Answer :-

Dr Salaries Expense 875

Cr Salaries Payable 875

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