Read the description of following adjustments that are required at the end of the accounting period for Hubbard Repair Services. Determine the account and amount to be debited and the account and amount to be credited.A. Prepaid rent for the year on April 1, 2019. Rent expired during the month of April 2019, $3,500. Record the adjustment on April 30, 2019.B. Purchased supplies for $2,000 on April 1, 2019. Inventory of supplies was $1,600 on April 30, 2019. Record the adjustment for the amount of the supplies that were used during the month of April 2019.C. Depreciation is computed using the straight-line method. Equipment purchased on April 1, 2019, for $18,000 has an estimated useful life of 5 years with no salvage value. Record the adjustment on April 30, 2019.D. Signed a 6-month
contract for $2,400 of prepaid advertising on April 1, 2019. Record the adjustment for the amount of the contract that expired during the month of April 2019.
What will be an ideal response?
A. Debit Rent Expense, $3,500; credit Prepaid Rent, $3,500
B. Debit Supplies Expense, $400; credit Supplies, $400
C. Debit Depreciation Expense--Equipment, $300; credit Accumulated Depreciation--Equipment, $300
D. Debit Advertising Expense, $400; credit Prepaid Advertising, $400
You might also like to view...
With increasing competition in the restaurant business, Sal, owner of Mom's Pizza, is dealing with growing uncertainty. He is meeting with his managers to develop a future course of action to meet company goals. This process is known as
A. planning. B. leading. C. controlling. D. defining. E. diversifying.
The primary purpose of the Security and Exchange Commission's Form 20-F is to
a. explain in detail the differences between the internal controls established under the accounting and auditing principles of a foreign country and those of the United States. b. determine the fee a foreign company must pay to register its financial statements with the Securities and Exchange Commission. c. explain in detail the differences between net income computed under the accounting principles of a foreign country and U.S. GAAP. d. explain in detail the differences between total assets measured using the accounting principles of a foreign country and U.S. GAAP.
Quantum product innovation results in improvements and refinements of products over time as existing technologies are perfected and managers gain experience performing value chain activities.
Answer the following statement true (T) or false (F)
Weingarten rights describe:
A. The right of workers to pay only that portion of their union dues that goes toward representation and collective bargaining. B. The right of workers to unionize and bargain collectively. C. The right of a unionized worker to have a representative present at a disciplinary meeting. D. The right of management to retain control over certain decisions such as plant closings and assignment of work.