Provide the Adjusting Entries to Account for the Differences Between $\quad$

question 23

Essay

Provide the adjusting entries to account for the differences between the trial balance amounts and the adjusted trial balance amounts for the accounts shown.Only a partial trial balance is provided.Use T accounts to show the adjustments.
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\underline{\text {Trial Balance}}$ $\quad$ $\quad$$\underline{\text {Adjusted Trial Balance}}$
$\begin{array}{c}\begin{array}{lll}\\\text {Supplies}\\\text {Prepaid Rent}\\\text {Equipment}\\\text {Accum. Depr. - Equip}\\\text {Service Fees}\\\text {Depreciation Expense}\\\text {Telephone Expense}\\\text {Salaries Expense}\\\text {Rent Expense}\\\text {Supplies Expense}\end{array}\begin{array}{lll}\underline{\text {Debit}}\\\\500 \\1,100 \\10,000\\\\\\\\\\150 \\500\\\\\\\end{array}\begin{array}{lll}\underline{\text {Credit}}\\\\ \\ \\\\3,000\\1,200\\\\\\ \\\\\\\\\end{array}\begin{array}{lll}\underline{\text {Debit}}\\\\500 \\300 \\10,000\\\\\\400\\150\\600\\800\\250\\\\ \end{array}\begin{array}{r}\underline{\text {Credit}}\\\\ \\ \\\\3,000\\1,200\\\\\\ \\\\\\\\\end{array}\end{array}$

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Definitions:

Fix Prices

An illegal agreement between parties to sell a product at a set price, limiting competition and violating antitrust laws.

Predatory Pricing

The pricing of a product below cost with the intent to drive competitors out of the market.

Antitrust Violation

An illegal activity that interferes with free competition in the market, involving practices such as monopolization, price fixing, and unlawful mergers.

Higher Profits

Describes an increase in the financial gains of a business after all expenses have been deducted.