Center Company Is Completing the Accounting Cycle at the End

question 55

Essay

Center Company is completing the accounting cycle at the end of the annual accounting period, December 31, 2014. Adjusting entries have not been made during the year so three adjusting entries must be made at this date to update the accounts. The following accounts, selected from Center Company's chart of accounts, are to be used for this purpose. They are coded to the left of each title for easy reference.
Required:
Indicate the appropriate account code and amount for each of the required adjusting entries at December 31, 2014.

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Definitions:

Health Care Authority

An entity that provides regulations, guidance, or oversight within the healthcare sector.

US Constitution

The supreme law of the United States, establishing the framework for the federal government and its relationship with the states and citizens.

Health Care Legislation

Laws and regulations established to govern the delivery, quality, and safety of health care services and to protect patients and healthcare professionals.

Federal Government

The national government of a federated state, which holds the authority to govern based on a division of powers between national and subnational governments.