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3 April, 12:10

Prepaid rent for one year on January 1, 2019, in the amount of $95,760. Record the adjustment on January 31, 2019. Purchased supplies for $4,600 on January 1, 2019. The inventory of supplies was $2,200 on January 31, 2019. Record the adjustment for the amount of the supplies that were used during the month of January 2019. Depreciation is computed using the straight-line method. Equipment purchased on January 1, 2019, for $31,200 has an estimated useful life of 4 years with no salvage value. Record the adjustment on January 31, 2019. Signed a 12-month contract for $4,800 of prepaid advertising on January 1, 2019. Record the adjustment for the amount of the advertising contract that expired during the month of January 2019.

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  1. 3 April, 12:20
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    rent expense 7,980 debit

    prepaid rent 7,980 credit

    supplies expense 2,400 debit

    supplies 2,400 credit

    depreication expense 650 debit

    accumulated dep equipment 650 credit

    advertizing expense 400 debit

    prepadi advertizing 400 credit

    Explanation:

    95,760 for a complete year we divide by 12 to get the amount per month:

    7,980 we will decrease the prepaid and delcare the expense

    supplies 4,600 - 2,200 end of the month = 2,400 consumed / expense incurred

    we decrease supplies and post the expense for the consumer amount

    depreciation for the month:

    31,200 / 4 = 7,800 per year / 12 = 650 per month

    the adv will be the same procedure as rent: 4,800 / 12 = 400
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Home » Business » Prepaid rent for one year on January 1, 2019, in the amount of $95,760. Record the adjustment on January 31, 2019. Purchased supplies for $4,600 on January 1, 2019. The inventory of supplies was $2,200 on January 31, 2019.
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