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:

Vessel Wall

The structure surrounding blood vessels consisting of layers that include the endothelium, smooth muscle, and connective tissue, providing stability and controlling vessel diameter.

Critical Closing Pressure

Pressure in a blood vessel below which the vessel collapses, occluding the lumen and preventing blood flow.

Vessel Collapses

The condition where blood or lymphatic vessels lose their structural integrity, leading to closure or impairment of blood flow.

Hypertension

A condition characterized by elevated blood pressure levels that can lead to significant health risks if left untreated.