Please Refer to the Worksheet Below: Post Adjustments Needed

question 118

Essay

Please refer to the worksheet below: Post adjustments needed according to the information below, and complete the worksheet.
? At year-end, the company has earned $2,000 of service revenue from a client, but has not yet completed the job, or received a payment.
? At year-end, the company owes $180 of salaries to its staff that it has not paid yet.
? At year-end, the company has only $20 of supplies left.
? At year-end, the company records $240 of depreciation expense.

---

Definitions:

Perfect Competition

A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product, leading to price-taking behavior.

Market Price

The existing rate at which an asset or service may be acquired or disposed of on the market.

Utility Consumption

The enjoyment or satisfaction gained by using a good or service.

Factor Markets

Markets where resources, such as labor, capital, and land, are bought and sold.