Solved

Atlantic Company Is Completing the Information Processing Cycle at the End

question 85

Essay

Atlantic Company is completing the information processing cycle at the end of the annual accounting period, December 31, 20X1. Four adjusting entries must be made at this date to update the accounts. The following accounts, selected from Atlantic's chart of accounts, are to be used for this purpose. They are coded to the left for easy reference. $\begin{array} { | l | l | } \hline \text { A. Office Supplies } & \text { D. Office Supplies Expense } \\\hline \text { B. Trade Receivables } & \text { K. Rent Expense } \\\hline \text { C. Accumulated Depreciation } & \text { L. Bad Debt Expense } \\\hline \text { D. Interest Receivable } & \text { M. Depreciation Expense } \\\hline \text { E. Notes Payable } & \text { N. Interest Expense } \\\hline \text { F. Interest Payable } & \text { O. Sales Revenue } \\\hline \text { G. Property Tax Payable } & \text { P. Rent Revenue } \\\hline \text { H. Unearned Rent } & \text { Q. Interest Revenue } \\\hline \text { I. Rent Payable } & \text { R. Equipment } \\\hline\end{array}$ You are to indicate the appropriate account code and amount for each required adjusting entry at December 31, 20X1 $Atlantic Company is completing the information processing cycle at the end of the annual accounting period, December 31, 20X1. Four adjusting entries must be made at this date to update the accounts. The following accounts, selected from Atlantic's chart of accounts, are to be used for this purpose. They are coded to the left for easy reference. \begin{array} { | l | l | } \hline \text { A. Office Supplies } & \text { D. Office Supplies Expense } \\ \hline \text { B. Trade Receivables } & \text { K. Rent Expense } \\ \hline \text { C. Accumulated Depreciation } & \text { L. Bad Debt Expense } \\ \hline \text { D. Interest Receivable } & \text { M. Depreciation Expense } \\ \hline \text { E. Notes Payable } & \text { N. Interest Expense } \\ \hline \text { F. Interest Payable } & \text { O. Sales Revenue } \\ \hline \text { G. Property Tax Payable } & \text { P. Rent Revenue } \\ \hline \text { H. Unearned Rent } & \text { Q. Interest Revenue } \\ \hline \text { I. Rent Payable } & \text { R. Equipment } \\ \hline \end{array} You are to indicate the appropriate account code and amount for each required adjusting entry at December 31, 20X1$

Definitions:

IS Development Resources

Refers to the materials, tools, and personnel required for the development, implementation, and maintenance of information systems.

IT Architecture

The overarching structure and organization of information technology and systems within an enterprise, designed to align IT strategies and solutions with business objectives.

Technical Aspect

Refers to the specific technical features, processes, or characteristics of a project, system, or product.

IT Architecture

The structural design of information technology systems and services, including the physical and software components, their interrelationships, and the principles governing their design and evolution.