Adjusting and Closing Entries

question 17

Essay

Adjusting and closing entries
The following trial balance was taken from the books of Kaslo Corporation at December 31, 2020:
At year end, the following items have not yet been recorded.
1. Insurance expired during the year, $ 3,000.
2. Estimated bad debts, 1 percent of gross sales.
3. Depreciation on furniture and equipment, 10% per year.
4. Interest at 9% is receivable on the note for one full year.
5. Rent paid in advance at December 31, $ 6,800 (originally debited to expense).
6. Accrued salaries at December 31, $ 6,200.
Instructions
a) Prepare the necessary adjusting entries.
b) Prepare the necessary closing entries.

Explain the economic implications of dumping and anti-dumping measures.

Discuss the role of economic integration in promoting international trade.

Understand the historical context and consequences of major trade laws and policies.

Understand the legal obligations and liabilities of corporations regarding dividends, debts, and breaches.

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Definitions:

Automatic Citizens

Individuals who are granted citizenship by default, often by virtue of being born in a particular country or to parents who are citizens of that country.

Union Restored

The period following the American Civil War focused on reintegrating the Southern states back into the United States, restoring national unity.

Southern States

A geographic grouping of states in the southeastern and south-central United States, notable for their shared history, culture, and economic interests, particularly in agriculture and historically in slavery.

Democratic Majorities

Situations in which the Democratic Party holds the majority of seats in legislative bodies, allowing greater influence in lawmaking.