In the Journal Provided,prepare Adjusting Entries for the Following Items

question 97

Essay

In the journal provided,prepare adjusting entries for the following items.Omit explanations.
a. Unrecorded interest on savings bonds is $680.
b. Property taxes incurred but not paid or recorded amount to $540.
c. Legal fees of $5,000 were collected in advance. By year end, 80 percent were still unearned.
d. Prepaid Insurance had a $1,600 debit balance prior to adjustment. By year end, 25 percent was still unexpired.
e. Salaries incurred by year end but not yet paid or recorded amounted to $1,375.
f. Services totaling $900 have been performed but not yet recorded or billed.

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Definitions:

Macro-Economics

the branch of economics that deals with broad economic factors, such as national income, overall price levels, and the balance of trade, among entire economies.

Sociological Issues

Social problems or conditions that affect individuals, groups, or entire societies, often requiring intervention to resolve.

Rosa Luxemburg

A Polish Marxist theorist, philosopher, economist, anti-war activist, and revolutionary socialist.

Social Contract

A theoretical agreement within society where individuals consent to surrender some freedoms for the protection and benefit of the community as a whole.