Prepare the Required End-Of-Period Adjusting Entries for Each Independent Case

question 140

Essay

Prepare the required end-of-period adjusting entries for each independent case listed below.
Case 1
Moonbeam Company began the year with a $3,000 balance in the Supplies account. During the year, $8,500 worth of additional office supplies were purchased. A physical count of office supplies on hand at the end of the year revealed that $4,400 worth of office supplies had been used during the year. No adjusting entry has been made until year end.
Case 2
Western Company has a calendar year-end accounting period. On July 1, the company purchased office equipment for $30,000. It is estimated that the office equipment will depreciate $500 each month. No adjusting entry has been made until year end.
Case 3
Ranch Realty is in the business of renting several apartment buildings and prepares monthly financial statements. It has been determined that 3 tenants in $800 per month apartments and one tenant in the $1,000 per month apartment had not paid their August rent as of August 31st.

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Definitions:

Environment

The surrounding conditions, including biotic and abiotic elements, in which an organism lives and interacts.

Curative Therapies

Medical treatments that are intended to cure a disease or condition, often targeting the root cause of the illness rather than just alleviating symptoms.

Hospice Care

Specialized care designed to provide support to individuals in the final phase of a terminal illness, focusing on comfort and quality of life, not cure.

Barriers

Obstacles that impede progress, understanding, or achievement, either physical or abstract.