Journalize the Necessary Year-End Adjusting Entries Based on the Following

question 61

Essay

Journalize the necessary year-end adjusting entries based on the following account balances before adjustments.
a.
The inventory of supplies on hand at December 31, 20--, was $230.
b.
The 4-month insurance premium of $1,800 was purchased on December 1, 20--.
c.
The $34,000 of equipment was purchased on January 1, two years ago. It has a salvage value of $2,000. Straight-line depreciation was used to compute depreciation at the end of last year.
d.
Wages accrued at December 31, 20--, were $3,700.

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Definitions:

Orthostatic Hypotension

A form of low blood pressure that occurs when standing up from sitting or lying down, leading to dizziness or fainting.

Blood Pressure

The force exerted by circulating blood on the walls of blood vessels, often measured as an indicator of cardiac health.

Baroreceptor Function

The role of special sensors (baroreceptors) located in blood vessels that help regulate blood pressure by detecting pressure changes.

Tingling

A sensation of prickling, stinging, or numbness, often indicating the beginning of nerve recovery or damage.