Prepare Adjusting Entries for the Following Transactions

question 119

Essay

Prepare adjusting entries for the following transactions.
1. Accrued interest on notes receivable is $95.
2. Unearned revenues earned totals $2,000.
3. Four years rent, totaling $60,000, was paid in advance at the beginning of the year .
4. Services totaling $2,100 had been performed but not yet billed at the end of the year .
5. Equipment purchased two years ago for $18,000 had an estimated useful life of 4 years.
6. The balance in the Supplies account was $690. By year end, only $100 in supplies remained.
7. Salaries owed to employees at the end of the year total $1,000.

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Definitions:

Social Loneliness

The feeling of not having enough social contacts or relationships, or of being disconnected from others.

Social Deprivation

A condition resulting from a lack of social contact, interaction, and relationships with others, which can lead to negative psychological and emotional effects.

Optimal Distinctiveness Theory

A theory suggesting individuals strive to balance their need for inclusion within groups with their need to feel uniquely recognized as individuals.

Individuality

The unique set of characteristics, traits, and behaviors that distinguishes one person from another.