For Each of the Following Transactions,match the Action (Debit or Credit)and

question 20

Essay

For each of the following transactions,match the action (Debit or Credit)and the account type (Asset,Liability,Revenue,or Expense)to each account for the appropriate adjustment that needs to be made at the end of June.Also,show the effect on Retained Earnings.
(D)Debit or (C)Credit
(A)Asset, (L)Liability, (R)Revenue or (E)Expense Account or Retained Earnings
a.The company has insurance costs of $620 a day for the month of June.On June 1 the company had $26,000 of prepaid insurance. b.The company provides services in June for which it had received payment of $18,300 in May. c.The company had $12,500 worth of labor performed by workers who will be paid in July. d.The company had income before income taxes of $287,400 for June and will pay taxes at the rate of 36%.The tax will be paid in July. e.The company had interest of $1,000 due for June on a Certificate of Deposit (CD).The interest will be received in August.

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Definitions:

Malnourished

A condition resulting from insufficient intake of nutrients.

Social Sanction

Punitive measures or actions taken by a social group to enforce norms and rules, aimed at controlling behavior.

Execution

The act of carrying out a plan, order, or decision; in legal terms, it often refers to the carrying out of a death penalty against a person legally condemned to death.

Socialization

The process by which individuals learn and adopt the norms, values, and behaviors appropriate to their society or social group.