The Trial Balance and Information for Year-End Adjustments for Litton

question 40

Essay

The trial balance and information for year-end adjustments for Litton Company are as follows:
$\begin{array}{c}\text {Litton Company}\\\text {Trial Balance}\\\text {December 31, 20--}\\\\\begin{array}{lr} \underline{\text { Account Title }}& \underline{\text { Debit }}& \underline{ \text { Credit }}\\\text { Cash } & 19,780 \\\text { Accounts Receivable } & 5,500 \\\text { Supplies } & 1,500 \\\text { Prepaid Insurance } & 2,400 \\\text { Equipment } & 30,200\\\text {Accumulated Depreciation-Equipment}&&5,000\\\text {Accounts Payable}&&5,520\\\text {Wages Payable}\\\text {Litton, Capital}&&44,000\\\text {Litton, Drawing}&4,000\\\text { Service Fees }&&20,000\\ \text { Wages Expense } & 10,000 \\\text { Rent Expense } & 900 \\\text { Supplies Expense } & \\\text { Utilities Expense } & 240\\\text { Insurance Expense}\\\text { Depreciation Expense-Equipment}&\underline{\quad\quad}&\underline{\quad\quad}\\&74,520&74,520\end{array}\end{array}$
a.
Ending inventory of supplies is $800 at December 31,20--.
b.
Unexpired insurance as of year-end is $600.
c.
Depreciation of equipment is $5,000.
d.
Wages earned but not paid as of year-end are $1,700.
Prepare the necessary year-end adjustments on a 10-column work sheet (identify each adjustment by letter),and complete the work sheet.

Comprehend the biopsychosocial approach and its significance in understanding human behavior.

Identify the major methods and approaches used in psychological research.

Understand how psychological principles apply to various aspects of daily life and societal issues.

Recognize the importance of the nature-nurture debate and its implications for psychology.

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Definitions:

Services Scheduling

The process of organizing, planning, and allocating resources for service operations to ensure timely delivery to customers.

Critical Ratio

A metric used in project management and scheduling that compares the amount of work remaining to the amount of time remaining, used to prioritize tasks or projects.

Input-Output Control

A monitoring and management technique used in manufacturing to balance input materials and output products to maintain efficiency and reduce waste.

Work Centre

A specified location where work is performed, containing the necessary tools, equipment, and labor skills.