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Record the initial journal entry and the adjusting entry

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Question - Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2020 year-end.

1. On October 1, 2020, Dr. Chan prepaid $8,000 for four months of rent.

2. On November 1, 2020, Dr. Chan prepaid $480 to renew the clinic's magazine subscriptions. The subscription is for one year.

3. On December 1, 2020, Dr. Chan pays $3,000 for supplies. At the end of the year, $2,000 of supplies had not been used.

Required - For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2020.

Reference no: EM132532308

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