Baltic Supplies Provides the Worksheet Shown Below at the End

question 92

Essay

Baltic Supplies provides the worksheet shown below at the end of the year.
A count of the physical inventory at year end shows that there is actually $11,000 of inventory left. Assuming this is the only adjusting entry needed at year-end, please post the inventory adjustment to the worksheet and update the adjusted trial balance. Then complete the worksheet.

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Definitions:

Income Effect

The change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

Aggregate Demand

Aggregate demand represents the total demand for goods and services within an economy at a given overall price level and in a given time period.

Future Generations

Individuals or populations that will exist in the future, beyond the current members of society, whose interests are considered in long-term policy making.

Budget Deficit

A shortfall of tax revenue from government spending