For Each of the Following, Journalize the Necessary Adjusting Entry

question 194

Essay

For each of the following, journalize the necessary adjusting entry:
(a)A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends (1) on Tuesday, (2) on Wednesday.(b)The balance in the prepaid insurance account before adjustment at the end of the year is $18,000. Journalize the adjusting entry required under each of the following alternatives: (1) the amount of insurance expired during the year is $5,300, (2) the amount of unexpired insurance applicable to a future period is $2,700.(c)On July 1 of the current year, a business pays $54,000 to the city for license taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocated to July is $4,800. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. (2) What is the amount of tax expense for July?
(d)The estimated depreciation on equipment for the year is $32,000.

Recognize principles of decentralized management and team nursing within healthcare settings.

Understand guidelines for effective training and the importance of aligning them with trainees' interests and developmental stages.

Recognize various forms of professional development activities and their purposes within organizational contexts.

Identify the focus areas of leadership training in organizations and the shift from personality traits to skill enhancement.

---

Definitions:

Absolutism

A theory of ethics which requires that individuals defer to a set of rules to guide them in the ethical decision-making process. Whether an action is moral depends on whether it conforms to the given set of ethical rules.

Inflexible

Inflexible describes a lack or absence of flexibility; not open to change or adaptation.

Business Ethics

A field of study that examines moral principles and problems that arise in a business environment.

Situational Ethics

An ethical theory which holds that to evaluate the morality of an action, we must imagine ourselves in the position of the person facing the ethical dilemma and then, on that basis, determine whether that person’s action was ethical.