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

question 58

Essay

Prepare the required end-of-period adjusting entries for each independent case listed below.
Case 1
The Thoma Company began the year with a $3,000 balance in the Supplies account. During the year, $8,500 of additional supplies were purchased. A physical count of supplies on hand at the end of the year revealed that $8,300 worth of supplies had been used during the year. No adjusting entry has been made until year end.
Case 2
The Leno 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 $200 each month. No adjusting entry has been made until year end.
Case 3
Yeats Realty is in the business of renting several apartment buildings and prepares monthly financial statements. It has been determined that 2 tenants in $900 per month apartments and one tenant in the $1,000 per month apartment had not paid their December rent as of December 31^st.

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Definitions:

Office Party

A social gathering hosted by a workplace intended for employee recreation and building company culture.

Identity

The fact of being who or what a person or thing is; it includes personal aspects like name, personality, and other distinctive characteristics.

Incident Reactions

The responses or actions taken by individuals or organizations in response to an unexpected or undesired event or situation.

Role Modeling

The act of influencing others by serving as an example through behavior, attitudes, or attributes deemed positive.