Three Transactions Are Given Below That Were Completed During 2011 $\quad$

question 103

Essay

Three transactions are given below that were completed during 2011 by Story Company.Prepare the adjusting entries as of December 31,2011,assuming no adjusting entries have been made during the year. Prepaid rent $\quad$$\quad$ 12,600
$\quad$ Cash $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ 12,600 B.On February 1,2011,Story Company purchased office supplies during the year that cost $700 and placed the supplies in a storeroom for use as needed.The purchase was recorded as follows: Office supplies inventory $\quad$$\quad$$\quad$ 700
$\quad$ Cash $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ 700 At December 31,2011,a count showed unused office supplies of $200 in the storeroom.There was no beginning inventory of supplies on hand.
C.On December 31,2011,Story Company owed employees $2,000 for wages earned during December.These wages had not been paid nor recorded.

Comprehend the principles of project procurement and supplier relationship management.

Recognize the range of administrative and control functions in projects.

Understand the Darnall-Preston Complexity Index (DPCI) and its application in project management.

Identify items that can be utilized directly in a project without special modifications.

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Definitions:

Equilibrium Level

The condition where the supply and demand in the market are equal, leading to steady prices and quantities.

Demand Curve

A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a given period.

Quantity Supplied

The total amount of a good or service that sellers are willing and able to sell at a given price level, at a specific time.