Prepare the Required End-Of-Period Adjusting Entries for Each Independent Case

question 83

Essay

Prepare the required end-of-period adjusting entries for each independent case listed below.
Case 1
Sleater-Kinney Company began the year with a $3,000 balance in the Supplies account. During the year, $8,500 worth of additional supplies were purchased. A physical count of supplies on hand at the end of the year found that $7,400 worth of supplies had been used during the year. No adjusting entry has been made until year end.
Case 2
Western Company has a calendar year-end accounting period. On July 1, the company purchased equipment for $30,000. It is estimated that the equipment will depreciate $300 each month. No adjusting entry has been made until year end.
Case 3
Ranch Realty has six employees that earn a total of $10,000 per 5-day work week, payable on Monday for the preceding week. December 31 is a Wednesday.

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Definitions:

Early Failure Rate

The frequency of breakdowns or failures of a product or system shortly after its introduction.

Problem-Solving Team

A group of individuals brought together to address specific challenges or issues within an organization, working collaboratively to find solutions.

Specific Issue

A particular or well-defined problem or topic of interest.

Empowered

Being given the authority, confidence, and means to make decisions and take actions in one's role or life.