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:

Product Class

A broad category of products that serve a similar function or are related in terms of how they are used by consumers.

Acceptable Brands

Brands that consumers perceive as viable options for purchase when making buying decisions.

Evaluative Criteria

Factors or standards consumers use to compare and judge the merits of different products or services before making a purchase decision.

Retail Price

The total price at which a product or service is sold to the consumer, including any markups by retailers.