Marcus Roberts operates a small retail establishment. The following unadjusted amounts were taken from Roberts' accounting records at December 31, 2015:
Determine the effect on the accounting equation of the adjusting entries at December 31, 2015, for each of the transactions that follow:
A. The advertising costs are for television commercials to be aired equally throughout December, 2015, and January and February, 2016.
B. The machinery had an original cost of $50,000 and was purchased during 2010. The estimated useful life is 6 years with an estimated salvage value equal to $8,000. Roberts uses the straight-line method of depreciation.
Definitions:
Mindfulness
A mental state achieved by focusing one's awareness on the present moment, while calmly acknowledging and accepting one's feelings, thoughts, and bodily sensations.
Self-Regulation of Attention
The ability to control one's focus of attention, managing distractions and focusing on relevant stimuli or tasks.
Nonjudgmental Awareness
An approach or practice of being mindful and observant without making judgments or evaluations.
Sensation-Seeking
The desire to participate in highly arousing activities; it is especially common in early and mid-adolescence.
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