Read each of the following transactions for Patel's Repair Services. Determine the accounts and amounts to be debited and credited in the necessary end-of-May adjustments.
A. On May 1, 2019, Patel's Repair Services, a new firm, paid $6,600 rent in advance for a six-month period. The $6,600 was debited to the Prepaid Rent account.
B. On May 1, 2019, the firm bought supplies for $2,000. The $2,000 was debited to the Supplies account. An inventory of supplies at the end of May showed that supplies costing $800 were on hand.
C. On May 1, 2019, the firm bought equipment costing $12,000. The equipment has an expected useful life of 10 years and no salvage value. The firm will use the straight-line method of depreciation.

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The Answer of Read each of the following transactions for Patel's Repair Services. Determine the accounts and amounts to be debited and credited in the necessary end-of-May adjustments.
A. On May 1, 2019, Patel's Repair Services, a new firm, paid $6,600 rent in advance for a six-month period. The $6,600 was debited to the Prepaid Rent account.
B. On May 1, 2019, the firm bought supplies for $2,000. The $2,000 was debited to the Supplies account. An inventory of supplies at the end of May showed that supplies costing $800 were on hand.
C. On May 1, 2019, the firm bought equipment costing $12,000. The equipment has an expected useful life of 10 years and no salvage value. The firm will use the straight-line method of depreciation.

Read Each of the Following Transactions for Patel's Repair Services