Record the December 31 Adjusting Entries for the Following Transactions

question 93

Essay

Record the December 31 adjusting entries for the following transactions and events in general journal form.Assume that December 31 is the end of the annual accounting period.
a.The Prepaid Insurance account shows a debit balance of $2,340,representing the cost of a two-year fire insurance policy that was purchased on October 1 of the current year and has not been adjusted to-date.
b.The Store Supplies account has a debit balance of $400;a year-end inventory count reveals $80 of supplies still on hand.
c.On November 1 of the current year,Rent Earned was credited for $1,500.This amount represented the rent earned for a three-month period beginning November 1.
d.Estimated depreciation on store equipment is $600.
e.Accrued salaries amount to $1,400.

Understand the effect of workload pressure on creativity.

Recognize the factors that contribute to an individual's intrinsic motivation.

Understand the key attributes that are positively associated with creativity.

Recognize the role and impact of social networks on creativity in the workplace.

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Definitions:

High Expectations

Describes a state where there is an anticipation of excellence or high performance from oneself or others.

Halo Effect

A cognitive bias where an observer's overall impression of a person, company, or brand influences the observer's feelings and thoughts about that entity's character or properties.

Creative Problem Solving

A method that involves using imagination and innovation to find solutions to problems when traditional approaches don't work.

Performance Appraisal

A systematic evaluation of an employee's performance and productivity, typically conducted by their supervisor or manager.