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

question 192

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 Office 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 $6,400 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 $700 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:

Gravity Flow

The movement of liquid in response to gravity without the use of pumps or other mechanical aids.

Infusion Rate

The speed at which a fluid (usually containing medication or nutrition) is administered to a patient intravenously.

Partial Compensation

Adjustment mechanism by the body or a system to partially correct an imbalance or change, but not completely restore to normal.

Arterial Blood Gases

A measurement of the pH level and the oxygen and carbon dioxide concentrations in arterial blood, important for assessing respiratory and metabolic function.