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Prepare and record the initial journal entry

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adjusting entries (annual)-prepaid expense .

Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2017 year­end.

a. On October 1, 2017, Dr. Chan prepaid $8,000 for four months of rent.

b. On November 1, 2017, Dr. Chan prepaid $480 to renew the clinic's magazine subscriptions. The subscription is for one year.

c. On December 1, 2017, Dr. Chan pays $3,000 for supplies. At the end of the year, $2,000 of supplies had not been used.

Question 1. Prepare and record the initial journal entry and the adjusting entry required on December 31, 2017.

Reference no: EM132484878

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