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Prepare adjusting entries for the following transactions.
1. Accrued interest on notes receivable is $95.
2. Unearned revenues earned totals $2,000.
3. Four years rent, totalling $60,000, was paid in advance at the beginning of the year.
4. Services totalling $2,100 had been performed but not yet billed at the end of the year.
5. Equipment purchased two years ago for $18,000 had an estimated useful life of 4 years.
6. The balance in the Supplies account was $690. By year end, only $100 in supplies remained.
7. Salaries owed to employees at the end of the year total $1,000.
Managers
Managers are individuals responsible for planning, leading, organizing, and controlling resources and teams to achieve organizational goals.
Pygmalion
The phenomenon where higher expectations from leaders or teachers lead to an increase in performance among students or employees.
Specific Groups
Particular segments of a population distinguished by shared characteristics, interests, or purposes.
Similarity Error
The mistaken evaluation of others based on their resemblance to oneself, often leading to biased decisions or judgments.
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