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.

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Definitions:

Portfolio

A portfolio is a collection of financial investments like stocks, bonds, commodities, cash, and cash equivalents, including closed-end funds and exchange traded funds (ETFs).

Covariance

A measure that indicates the extent to which two random variables change in tandem.

Expected Returns

The anticipated profit or loss from an investment over a specific period, often used to evaluate the attractiveness of a financial asset.

Portfolio

A collection of financial investments like stocks, bonds, commodities, cash, and cash equivalents, including mutual funds and ETFs.