Question

(1) Depreciation for the current year includes equipment $2,700(2) The beginning balance of Office Supplies was $ 2,100. During the​ year, Bookfield purchased office supplies for $ 3,400​, and at December 31 the office supplies on hand totaled $ 1,100. ​(Assume that Bookfield debits an asset account when supplies are​ purchased.)(3) The company had earned $3,400 of unearned revenueJurnalize the adjusting entry needed on December 31 for each situation.

Answer 1

Answer:

depreciation expense 2,700 debit

   accumualted depreciation equipment  2,700 credit

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supplies expense 4,400 debit

         supplies                            4,400 credit

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unearned revenue    3,400 debit

       service revenue                3,400 credit

Explanation:

(1) we declare the expense and credit the accumualted deperication on the long-term assets

(2)

beginning 2,100 + purchase 3,400  = 5,500 availalbe

if we end up with 1,100 then we use 4,400 this will be the suplies expense we will also adjust supplies account to match the physical count.

(3) from the unearned revenue will will write-off 3,400 and reocgnize revenue for that amount