Prepare Adjusting Entries Dated December 31,2013,based on the Following Data

question 7

Essay

Prepare adjusting entries dated December 31,2013,based on the following data.
a.A two-year insurance policy costing $3,000 was purchased on October 31,2013.
b.Salaries owed to employees on December 31,2013,amount to $2,300.
c.The balance in Supplies before adjustment is $1,400.A physical count reveals $450 of supplies on hand on December 31,2013.
d.Depreciation on office equipment for the year is $1,869.
e.Unearned Service Revenue has a balance of $4,200 before adjustment.Records show that $2,725 of that amount has been earned by December 31,2013.

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Definitions:

International Business

Commercial activities that involve transactions of goods, services, or resources between companies or consumers across national borders.

Social Responsibility

The obligation of an organization to act in ways that benefit society at large, beyond its own interests.

Ethical Standards

Principles that guide the behavior of individuals and organizations, ensuring actions are morally right and respectful towards others.

Economic Performance

The assessment of the productivity, profitability, and growth indicators of an economy or a business entity.