Answer:
Please see the adjusting entries below.
Explanation:
1. Depreciation on equipment
Debit Depreciation expense $1,340
Credit Accumulated depreciation $1,340
<em>(To record depreciation expense for the period)</em>
2. Interest on loans
Debit Interest expense $275
Credit Interest payable $275
<em>(To record interest on loans)</em>
3. Purchase of office supplies
Debit Office supplies $550
Credit Cash $550
<em>(To record purchase of office supplies)</em>
4. Prepaid rent
Debit Amortization expense $700
Credit Prepayment $700
<em>(To record expired prepayment)</em>
5. Accrued salaries
Debit Salaries expense $900
Credit Accrued salary $900
<em>(To record accrued salaries)</em>
