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

question 117

Essay

Prepare the required end-of-period adjusting entries for each independent case listed below.
Case 1
Sleater-Kinney Company began the year with a $3000 balance in the Supplies account. During the year $8500 worth of additional supplies were purchased. A physical count of supplies on hand at the end of the year revealed that $7400 worth of 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 equipment for $30000. It is estimated that the equipment will depreciate $300 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 $900 per month apartments and one tenant in the $1200 per month apartment had not paid their August rent as of August 31st.

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Definitions:

Unity

The state or quality of being united or joined as a whole, often used to describe a sense of togetherness among individuals or groups with a common purpose.

Colonial Unrest

The dissatisfaction, resistance, or rebellious activities among colonized peoples or territories against the ruling powers.

Parliament

The supreme legislative body in a parliamentary system, composed of elected representatives who make laws, oversee the government, and represent the electorate.

Legislation

The act of making or enacting laws, typically conducted by a legislative body such as a parliament or congress, as a vital component of the governance process.