Prepare Year-End Adjusting Entries for Each of the Following Situations

question 70

Essay

Prepare year-end adjusting entries for each of the following situations:
a. The Store Supplies account showed a beginning debit balance of $400 and purchases of $2,800. The ending debit balance was $800.
b. Depreciation on buildings is estimated to be $7,300.
c. A one-year insurance policy was purchased for $2,400. Nine months have passed since the purchase.
d. Accrued interest on notes payable amounted to $200.
e. The company received a $9,600 advance payment during the year on services to be performed. By the end of the year, one-third of the services had been performed.
f. Payroll for the five-day workweek, to be paid on Friday, is $10,000. The last day of the period is a Tuesday.
g. Services totaling $920 had been performed but not yet billed or recorded.

Comprehend efficiency-wage theories and their application in the labor market.

Analyze the impact of insurance policy characteristics on buyer preferences.

Understand voting paradoxes and the implications for decision-making processes.

Distinguish between different methods of resolving collective decision-making dilemmas.

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Definitions:

Social Cognitive Career Theory

A theory that focuses on how individuals' beliefs in their own capabilities affect their career paths, choices, and performance.

Barriers

Obstacles or impediments that hinder progress or prevent the achievement of a goal.

Career Choices

The decisions individuals make about their professional paths, including the selection of jobs and careers based on various factors.

Counseling Model

A theoretical framework that guides counselors in the process of understanding clients' issues and suggesting methods for improvement or resolution.