Journalize the Adjusting Entries Needed on December 31, the End

question 77

Essay

Journalize the adjusting entries needed on December 31, the end of the current accounting period for Petra Industries using the following data:
A. The balance in Office Supplies before adjustment is $4,200. A physical count reveals $2,750 of supplies on hand at December 31.
B. A computer was purchased on January 1 for $12,000. The computer has a useful life of 3 years and is depreciated using the straight-line method.
C. A one-year insurance policy costing $5,400 was purchased on November 1.
D. Employee salaries are owed for 4 days of a regular 5 day work week. Weekly payroll is $13,600.
E. Unearned Maintenance Revenue has a balance of $21,000 before adjustment. Records show that $14,050 of that amount has been earned by December 31.

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Definitions:

Maturation Process

The maturation process is the natural progression through which individuals grow and develop physically, emotionally, and psychologically, often following predetermined genetic timelines.

Transferences

The phenomenon in psychotherapy where a client projects feelings and attitudes from past relationships onto the therapist.

Integrated Style

Integrated Style in therapy refers to the blending of techniques and approaches from different therapeutic modalities to tailor treatment to the needs of the individual client.

Self-Responsibility

The personal obligation to take care of oneself and make decisions that positively affect one's life and well-being.