Prepare Adjusting Entries for the Following Transactions

question 35

Essay

Prepare adjusting entries for the following transactions. Omit explanations.
1. Depreciation on equipment is $1,050. 2. Interest incurred and owed on a loan but not paid or recorded is $275. 3. There was a beginning balance of supplies of $120 and the company purchased $400 of office supplies during the period. At the end of the year $70 of supplies were on hand. 4. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $400 had expired. 5. Accrued salaries at year end were $1,100.

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Definitions:

Normative Social Influence

A type of social influence that leads to conformity, where an individual changes their behavior in order to be accepted or liked by a group.

Distortion

The alteration of the original shape or other characteristic of something, often in a way that makes it appear misleading or unrealistic.

Perceptual

Perceptual relates to the ability to interpret or become aware of something through the senses.

Informational

Pertaining to or providing information.