Record Each of the Following Events in the Horizontal Statements

question 72

Essay

Record each of the following events in the horizontal statements model.After each event,record the corresponding December 31 end-of-year adjustment that would be necessary.Precede the amount with a minus sign if the transaction reduces that section of the equation.Precede a cash outflow amount with a minus sign.Enter 0 for items not affected.
a)Paid $36,000 for a 1-year lease beginning April 1.
b)Paid $3,000 to purchase supplies.At year end,$1,080 of supplies remained.
c)Received a $48,000 cash advance for a 6-month contract beginning on Sept.1.

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Definitions:

Boutique Engineering

Specialized engineering services offered by smaller firms focusing on a niche market or particular area of expertise.

Sustainable Manufacturing

The creation of manufactured products through processes that minimize negative environmental impacts, conserve energy and natural resources.

Flexible Manufacturing

A production approach allowing for the quick adjustment of operations and products to respond to market changes or customer demands efficiently.

Lean Production

An organized approach to reducing waste in a manufacturing system while maintaining production levels.