Prepare the Required Year End Adjusting Entries for Each Independent

question 69

Essay

Prepare the required year end adjusting entries for each independent case listed below. Assume no adjustments were made during the year.Case 1Ainsworth Corporation began the year with a $6,200 balance in the Supplies account. During the year, $2,750 worth of additional supplies were purchased. A physical count of supplies on hand at the end of the year revealed that $3,875 worth of supplies had been used during the year.Case 2Brownstone Co. Ltd. has a calendar fiscal year. On Oct 1, the company purchased equipment for $45,000. The estimated useful life of the equipment is 9 years.Case 3Michaela Management Ltd. is in the business of renting out several apartment buildings and prepares monthly financial statements. It has been determined that two tenants in $950 per month apartments and one tenant in the $1,400 per month apartment had not paid their December rent as of December 31.

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Definitions:

War for Independence

Refers to the American Revolutionary War (1775-1783), in which the thirteen American colonies fought for and gained independence from British rule.

Segregated Units

Military or other organizational units that are divided based on race, ethnicity, religion, or gender, often seen historically in the armed forces.

Integrated Units

Military or organizational units composed of members from different racial, ethnic, or gender groups, especially significant in historical contexts of segregation.

Full Persons

Refers to the recognition of individuals' full legal and human rights, often discussed in contexts of civil rights and emancipation.