(12 points) The entry at December 31, 2016. sactions are given below that were c

Question

(12 points) The entry at December 31, 2016. sactions are given below that were completed during 2016 by Duff Breweries, Inc. annual accounting period ends December 31. Each transaction will require an adjusting Reauirsd: For each item, ournalizetherequired December31adiustingentry, in proper form. Treat each item independently A. On January 1, 2016, Duff Breweries purchased office equipment that cost $20,000. The equipment is being depreciated $500 per month. (Record the adjusting entry for depreciation.) General Journal Date Account Title Debit Credit B. On November 1, 2016, Duff Breweries paid $24,000 for one year's rent on a forklit beginning on that date General Journal Date Account Title Debit Credit C. Duff Breweries had a beginning balance in office supplies of $200 and purchased additional supplies on February 1, 2016, costing $500. At the end of 2016, a count showed unused office supplies of $300 in the storeroom. General Journal Debit Credit Date Account Title On December 31, 2016, Duff Breweries owed employees $2,000 for wages earned during December. These wages had neither been paid nor recorded. D. General Journal Debit Date Account Title

Explanation / Answer

Adjusting entry :

Date accounts & explanation debit credit Dec 31 Depreciation expense (500*12) 6000 Accumlated depreciation 6000 Dec 31 Rent expense (24000/12*2) 4000 Prepaid rent 4000 Dec 31 Office supplies expense (200+500-300) 400 Office supplies 40 Dec 31 Salary and wages expense 2000 Salary and wages payable 2000

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