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:

Deindividuation

A psychological state where an individual loses self-awareness and self-restraint, often occurring in group settings.

Uniforms

Standardized clothing worn by members of an organization while participating in that organization's activity.

Benevolent Sexism

A form of sexism that is typically couched in terms that seem positive or affectionate but actually reinforce traditional gender roles and the idea that women are weaker or less competent than men.

Entrapment

A situation in which someone is induced to commit a crime they had no previous intention to commit, often as part of a law enforcement sting operation.