Read each of the following transactions for Pickerton Printer Repair Services. Determine the accounts and amounts to be debited and credited in the necessary end-of-April adjustments.
A. On April 1, 2019, Pickerton Printer Repair Services, a new firm, bought supplies for $2,500. The
$2,500 was debited to the Supplies account. An inventory of supplies at the end of April showed that supplies costing $1,500 were on hand.
B. On April 1, 2019, the firm bought equipment costing $25,000. The equipment has an expected useful life of 10 years and a salvage value of $1,000. The firm will use the straight-line method of depreciation.
C. On April 1, 2019, the firm paid $7,200 rent in advance for a six-month period. The $7,200 was debited to the Prepaid Rent account.

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The Answer of Read each of the following transactions for Pickerton Printer Repair Services. Determine the accounts and amounts to be debited and credited in the necessary end-of-April adjustments.
A. On April 1, 2019, Pickerton Printer Repair Services, a new firm, bought supplies for $2,500. The
$2,500 was debited to the Supplies account. An inventory of supplies at the end of April showed that supplies costing $1,500 were on hand.
B. On April 1, 2019, the firm bought equipment costing $25,000. The equipment has an expected useful life of 10 years and a salvage value of $1,000. The firm will use the straight-line method of depreciation.
C. On April 1, 2019, the firm paid $7,200 rent in advance for a six-month period. The $7,200 was debited to the Prepaid Rent account.

Read Each of the Following Transactions for Pickerton Printer Repair