Jordon James Started JJJ Consulting on January 1

question 48

Essay

Jordon James started JJJ Consulting on January 1. The following are the account balances at the end of the first month of business, before adjusting entries were recorded: ​
Adjustment data:
Supplies on hand at the end of the month, $200
Unbilled consulting revenue, $700
Rent expense for the month, $1,000
Depreciation on equipment, $90
(a) Prepare the required adjusting entries, adding accounts as needed.
(b) Prepare an adjusted trial balance for JJJ Consulting as of January 31.
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Differentiate between economic and accounting profits.

Evaluate the impact of labor on production through concepts of marginal and average product.

Understand the principles of economies and diseconomies of scale.

Comprehend the distinction between explicit, implicit costs, and normal profit.

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Definitions:

Peripheral Details

Information that is not the central focus but can be found in the margins or periphery, often not the main point of attention.

Memory

The cognitive system that retains information and involves receiving, storing, and retrieving this information.

Schema

A cognitive framework or concept that helps organize and interpret information from the world.

Robinson and Swanson

Robinson and Swanson may refer to researchers or a collaborative project, specific details of which would be based on the context in which they are mentioned, as no definitive information is provided.