The Unadjusted Trial Balance and the Adjustment Data for Harris

question 77

Essay

The unadjusted trial balance and the adjustment data for Harris Training Institute are given below along with adjusting entry information.What is the impact of the adjusting entries on the balance sheet?
Show calculation for total assets,total liabilities,and owner's equity without the adjustments; show calculation for total assets,total liabilities,and owner's equity with the adjustments.Which one gives the most accurate presentation of the balance sheet?
Additional information items:
a.The Prepaid Insurance account consists of a payment for a 1 year policy.An analysis of the insurance invoice indicates that one half of the policy has expired by the end of the December 31 year-end.
b.A cash payment for space sublet for 8 months was received on July 1 and was credited to Unearned Rent.
c.Accrued interest expense on the note payable of $1,000 has been incurred but not paid.

Differentiate between inquisitorial and adversarial legal systems, focusing on the judge’s role and the system’s primary concerns.

Recognize the frequency and implications of unethical conduct among prosecutors.

Identify circumstances under which lawyer-client confidentiality can be negated.

Describe professional ethics and rules governing legal professionals.

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Definitions:

Giffen Good

A product that experiences an increase in demand as its price increases, contrary to the law of demand, typically because it is a staple whose cheaper substitutes are not as affordable.

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, contrary to normal goods.

Normal Good

A good for which demand increases as the income of consumers increases and vice versa, all else being constant.

WARP

WARP, or the Weak Axiom of Revealed Preference, is an economic principle stating that if a consumer chooses one bundle of goods over another when both are available, then they will not choose the second bundle when the first one remains available.