Journalize the Adjusting Entries Needed on December 31,2015 for Kaimann

question 47

Essay

Journalize the adjusting entries needed on December 31,2015 for Kaimann Industries using the following data.Explanations are not required.
A.The balance in the Supplies account before adjustment is $5,000.A physical count reveals $2,750 of supplies on hand at December 31.
B.A computer was purchased on January 1,2015 for $15,000.The computer has a useful life of 3 years and is depreciated using the straight-line method.
C.A one-year insurance policy costing $6,000 was purchased on November 1,2015.
D.Employee salaries are owed for 4 days of a regular 5 day work week.Weekly payroll is $15,000.
E.Unearned Maintenance Revenue has a balance of $22,000 before adjustment.Records show that $14,000 of that amount has been earned by December 31.

---

Definitions:

Foreign Production

The manufacturing of goods and services outside the company's home country, often to take advantage of lower costs or specialized skills.

Global Commodity Chain

A worldwide network of labor and production processes whose end result is a finished commodity.

Production Processes

The series of actions, methods, and operations involved in the manufacturing of goods, including the transformation of raw materials into finished products.

Finished Commodity

A product that has completed all stages of production and is ready for consumers to purchase.