Lane Company Is Completing the Accounting Cycle at the End

question 41

Essay

Lane Company is completing the accounting cycle at the end of its annual accounting period, December 31, 2014. Adjusting entries have not been made during the year so three adjusting entries must be made to update the accounts. The following accounts, selected from the 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:

Job Performance

The level of effectiveness and efficiency with which an individual completes their work tasks and responsibilities.

Correct Actions

Appropriate or effective measures taken to achieve a desired outcome or resolve a specific situation.

Monopsony

A market situation where there is only one buyer for a product or service.

Labor Market

The supply of available workers in relation to available work.