Reference no: EM132740848
Question - Read each of the following transactions for Enterprises Security Systems. Determine the accounts and amounts to be debited and credited in the necessary end-of-July adjustments.
1. On July 1, 2019, Enterprises Security Systems, a new firm, bought supplies for $5,300. The $5,300 was debited to the Supplies account. An inventory of supplies at the end of July showed that supplies costing $2,900 were on hand.
2. On July 1, 2019, the firm bought equipment costing $47,880. The equipment has an expected useful life of 14 years and no salvage value. The firm will use the straight-line method of depreciation.
3. On July 1, 2019, the firm paid $6,300 rent in advance for a nine-month period. The $6,300 was debited to the Prepaid Rent account.
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