The Balances of the Ledger Accounts for Oleman Services on January

question 70

Essay

The balances of the ledger accounts for Oleman Services on January 31, 2019, and the information needed for adjustments are shown below. Prepare the Trial Balance section, record the adjustments, and complete the worksheet.

Salaries Expense 5,000
Supplies Expense --
Insurance Expense --
Utilities Expense 400
Depreciation Expense - Equipment --

Adjustment information:
(a) The supplies were purchased on January 1, 2019. An inventory of supplies showed $600 on hand on January 31, 2019.
(b) The amount of Prepaid Insurance represents a payment made January 1, 2019, for a six-month insurance policy.
(c) The equipment, purchased January 1, 2019, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation.

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Definitions:

Secondary Circular Reactions

Repetitive actions in infant development focused on external objects, forming part of Piaget's sensorimotor stage.

Tertiary Circular Reactions

The stage in infant development, according to Piaget, characterized by the purposeful adaptation of established schemes to new situations.

Mental Representations

Internal cognitive symbols that stand in for objects, events, or concepts, allowing individuals to mentally simulate and think about those entities.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or otherwise sensed, a concept developed during infancy.