Fletcher Products Records Adjusting Entries Monthly Additional Information:
-Office Supplies Of

question 114

Essay

Fletcher Products records adjusting entries monthly.The accountant at Fletcher Products is having difficulty figuring out what amount to include as the adjustment.Below are the accounts and amounts from Fletcher Products' month-end balances on February 28.
$\begin{array}{lr}\text { Current assets }\\ \quad \text { Cash } & 45,100 \\ \quad \text { Accounts Receivable } & 98,500 \\ \quad \text { Office Supplies } & 2,700 \\ \quad \text { Prepaid Rent } & 3,000\\\text { Long-term assets }\\ \quad \text { Equipment}&10,000\\ \quad \text { Accumulated Depreciation}&917\\\text { Current liabilities }\\ \quad \text { Accounts Payable}&55,700\\ \quad \text { Interest Payable}&400\\ \text { Long-term liabilities}\\ \quad \text { Notes Payable}&10,000\\\end{array}$
Additional Information:
-Office supplies of $\$ 250$ were purchased in the month of March. On March 31 , office supplies are $\$ 1,900$
-Fletcher Products committed to a one-year rental agreement on February 28,2009 and paid $\$ 3,000$ for the 12 month period starting March 1 , 2009. This is the only rental agreement for Fletcher Products.
-A stamping machine is the only piece of equipment owned by Fletcher Products. It was purchased on April 1, 2008 for $\$ 10,000$ and the company estimates a zero salvage value on it. Fletcher Products uses the straight line method of depreciation. The machine has a useful life of 10 years.
-Fletcher Products signed a 1-year, 24\% note on January 1, 2009. The company recognizes interest on a monthly basis and is required to pay the entire amount of interest and principal upon the maturity date of December 31, 2009,
Required:
Prepare any necessary adjusting entries on March 31 based on the above information.Assume that no adjusting entries have been made for the month ending March 31.

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Definitions:

Surface Acting

An emotional labor strategy where individuals feign or suppress genuine feelings to meet certain job or social expectations.

Display Rules

Cultural norms that dictate how emotions should be expressed, managing the appearance and suppression of emotions in social settings.

Emotion Work

Effort expended to manage one's own emotions or the emotions of others to meet the emotional requirements of a job or social role.

Relative Importance

The degree of significance or emphasis given to something in relation to other factors or items in a specific context.