The Trial Balance and Adjusted Trial Balance Columns of Roland

question 58

Essay

The Trial Balance and Adjusted Trial Balance columns of Roland Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)In the journal provided,prepare the seven adjusting entries and the four closing entries for the month ended June 30,2010.Omit explanations.

Calculate the maturity value of investments using simple interest.

Determine the issue price and selling price of financial instruments using simple interest calculations.

Understand the impact of changing interest rates on loans and investments.

Calculate the true rate of return on investments sold before maturity.

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Definitions:

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A work stoppage initiated by employees in the textile industry as a form of protest against working conditions, wages, or other employment issues.

Auto Workers

Employees in the automotive industry, including those involved in the manufacturing, assembling, and selling of motor vehicles.

Huey Long

A populist political leader from Louisiana, who served as the state's governor and a U.S. Senator in the early 20th century, known for his Share Our Wealth program.

Francis Townsend

An American physician who was known for his advocacy for the elderly and his proposal of a pension plan to aid the elderly during the Great Depression, leading to the creation of Social Security.