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.
A. On July 1, 2019, Enterprises Security Systems, a new firm, bought supplies for $2,300. The
$2,300 was debited to the Supplies account. An inventory of supplies at the end of July showed that supplies costing $900 were on hand.
B. On July 1, 2019, the firm bought equipment costing $24,000. The equipment has an expected useful life of 10 years and no salvage value. The firm will use the straight-line method of depreciation.
C. On July 1, 2019, the firm paid $4,500 rent in advance for a nine-month period. The $4,500 was debited to the Prepaid Rent account.

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The Answer of 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.
A. On July 1, 2019, Enterprises Security Systems, a new firm, bought supplies for $2,300. The
$2,300 was debited to the Supplies account. An inventory of supplies at the end of July showed that supplies costing $900 were on hand.
B. On July 1, 2019, the firm bought equipment costing $24,000. The equipment has an expected useful life of 10 years and no salvage value. The firm will use the straight-line method of depreciation.
C. On July 1, 2019, the firm paid $4,500 rent in advance for a nine-month period. The $4,500 was debited to the Prepaid Rent account.

Read Each of the Following Transactions for Enterprises Security Systems