The Trial Balance and Information for Year-End Adjustments for Litton

question 56

Essay

The trial balance and information for year-end adjustments for Litton Company are as follows:
a.
Ending inventory of supplies is $800 at December 31, 20--.
b.
Unexpired insurance as of year-end is $600.
c.
Depreciation of equipment is $5,000.
d.
Wages earned but not paid as of year-end are $1,700.
Prepare the necessary year-end adjustments on a 10-column work sheet (identify each adjustment by letter), and complete the work sheet.

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Definitions:

Attorney Fees

Costs for legal services provided by a lawyer or law firm which a court may order the losing party to pay or that may be included in a settlement.

Compensatory Damages

Monetary compensation awarded to a plaintiff to compensate for actual losses or injuries suffered due to the defendant's actions.

Assault Victim

An individual who has suffered harm from an intentional act of physical violence or threat made against them.

Medical Expenses

Costs incurred for healthcare services, including treatments, surgeries, medications, and hospital stays.