All of the Accounts Have Normal Balances

question 59

Essay

All of the accounts have normal balances. The following information below has been gathered at December 31, 2022.
1. Depreciation on the equipment for 2022 is $1,300.
2. New Slang Pest Control paid $2,220 for 12 months of insurance coverage on October 1, 2022.
3. New Slang Pest Control pays its employees total salaries of $11,000 every Monday for the preceding 5-day week (Monday-Friday). On Monday, December 27, 2022, employees were paid for the week ending December 24, 2022. All employees worked the five days ending December 31, 2022.
4. A count of supplies on December 31, 2022, indicates that supplies of $850 are on hand.
Instructions
Prepare in journal form with explanations, the annual adjusting entries for the four items listed for New Slang Pest Control.

Distinguish between questions that can be answered using positive economic analysis and those that require normative reasoning.

Identify and assess the implications of economic statements and policies on equity and efficiency.

Understand the role and significance of economic models and variables in conducting economic analysis.

Recognize common fallacies in economic reasoning and their implications.

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Definitions:

Ileal Conduit

A surgical procedure in which the urine is diverted through a piece of the ileum (part of the small intestine) to an opening in the abdominal wall, following the removal of the bladder.

Urostomy Self-care

Practices and routines carried out by individuals with a urostomy to manage and care for their stoma and urostomy equipment effectively.

Bladder Palpation

Bladder Palpation is a physical examination technique used to assess the bladder, typically to determine its size or detect abnormalities.

Clean-catch

A urine collection method used to minimize contamination of the urine sample by catching it midstream.