Prepare Adjusting Entries for the Following Transactions

question 161

Essay

Prepare adjusting entries for the following transactions:
a) The beginning balance of the supplies account was $245. During the month the company bought additional supplies in the amount of $735. At the end of the month a physical inventory showed $343 of unused supplies.
b) The company has a 12% note payable in the amount of $17,000 due in 6 months. The interest expense for the month has not been recorded.
c) The company has two employees. The manager is paid on the 15th of every month for work performed during the first half of the month and on the 1st of the following month for the work performed during the second half of the month. His monthly salary is $5,500. The other employee is paid $650 for each 5-day work week Monday - Friday). The last day of the month fell on Thursday.
d) The unearned revenue account shows a balance of $46,000. According to the manager 60% of that amount has been earned.
e) At the end of the month $5,700 of services had been performed but not yet billed.

Comprehend the basics of neuron communication and the analogy of neuron action.

Identify the nervous systems and their roles in regulating physiological and psychological states.

Understand the concept of brain plasticity and how skills or experiences can alter brain structure and function.

Learn about lateralization and the specialization of brain hemispheres in processing different types of information.

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Definitions:

Principal-Agent Problem

A dilemma in relationships when one party (the agent) is expected to act in the best interest of another (the principal), but has the potential to act in their own self-interest instead.

Stockholders

Individuals or entities that own shares in a corporation, giving them partial ownership and possibly dividends based on the company's performance.

Profit Maximization

A process or strategy used by businesses to achieve the highest possible profit, considering revenue and costs.

Shirking

The behavior of avoiding work or responsibilities, often seen in employment contexts where workers may not perform their duties optimally.