Prepare the adjusting entry at december using t-accounts

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Question 1: Wow Advertising Company's trial balance at December 31 shows Supplies £6,700 and Supplies Expense £0. On December 31, there are £1,300 of supplies on hand.

Prepare the adjusting entry at December 31 and, using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.

Question 2: At the end of its first year, the trial balance of Zovde Company OAO shows Equipment €32,000 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be €6,000. Prepare the adjusting entry for depreciation at December 31, post the adjustments to T-accounts, and indicate the statement of financial position presentation of the equipment at December 31.

Reference no: EM132614668

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