Presented Below Is the December 31 Trial Balance of Cassini

question 32

Essay

Presented below is the December 31 trial balance of Cassini Studios.

(1)Prepare adjusting journal entries for the following items:
(a)Adjust the Allowance for Doubtful Accounts to 8 percent of the accounts receivable.
(b)Furniture and equipment is depreciated at 20 percent per year.
(c)Insurance expired during the year,$2,040.
(d)Interest accrued on notes payable,$2,688.
(e)Sales salaries earned but not paid,$1,920.
(f)Advertising paid in advance,$560.
(g)Office supplies on hand,$1,200,charged to Office Expense when purchased.
(2)Prepare closing entries for Cassini after the above adjusting entries have been made.Additional information shows the inventory on December 31 was $64,000.

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Definitions:

Marx

A revolutionary thinker and philosopher, Karl Marx, known for his critical analysis of capitalism and his contributions to the development of Marxist theory.

Heidegger

A German philosopher known for his existential and phenomenological explorations of being, time, and the concept of "Dasein".

Social Beings

Individuals viewed in relation to their participation and roles in societies and communities, emphasizing the importance of social interaction.

Dual-Aspect Theory

A philosophical concept that posits that the mind and body are two aspects of the same reality, where mental and physical properties are seen as different manifestations of the same underlying substance or reality.