Essay
Prepare adjusting entries for the following transactions. Omit explanations.
1. Depreciation on equipment is $600 for the accounting period.
2. There was no beginning balance of supplies and purchased $600 of supplies during the period. At the end of the period $150 of supplies were on hand.
3. Prepaid rent had a $1200 normal balance prior to adjustment. By year end $400 was unexpired.
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