Prepare Adjusting Entries for the Following Transactions

question 205

Essay

Prepare adjusting entries for the following transactions. Omit explanations.
1. Depreciation on equipment is $1,340 for the accounting period.
2. Interest owed on a loan but not paid or recorded is $275.
3. There was no beginning balance of supplies and $550 of office supplies were purchased during the period. At the end of the period $100 of supplies were on hand.
4. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $700 had expired.
5. Accrued salaries at the end of the period amounted to $900.

Understand how political behavior impacts organizations and methods for its effective management.

Comprehend the concept of the zone of indifference and its significance in organizational behavior.

Identify and describe tangible symbols of power as per Michael Korda.

Analyze the ethical dimensions of power-related behavior using the criterion of utilitarian outcomes.

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Definitions:

Antitrust Enforcement

The regulation and enforcement of laws to promote competition and prevent monopolies and other practices that restrain trade.

Economic Efficiency

A situation where resources are allocated in such a way that maximizes the production of goods and services, minimizing waste and inefficiency in an economy.

Sherman Act

A landmark federal statute in the U.S. that prohibits monopolistic practices and promotes competition among businesses.

McCarran-Ferguson Act

A U.S. federal law enacted in 1945 that exempts the business of insurance from most federal regulation, leaving regulation primarily to the states.