In the Journal Provided, Prepare Year-End Adjustments for the Following

question 60

Essay

In the journal provided, prepare year-end adjustments for the following situations. Omit explanations.
a. Accrued interest on notes receivable is $105.
b. Of the $12,000 received in advance of earning a service, one-third was still unearned by year end.
c. Three years' rent, totaling $36,000, was paid in advance at the beginning of the year.
d. Services totaling $5,300 had been performed, but not yet billed.
e. Depreciation on trucks totaled $3,400 for the year.
f. Supplies available for use totaled $690. However, by year end, only $100 in supplies remained.
g. Payroll for the five-day work week, to be paid on Friday, is $30,000. Year end falls on a Monday.

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Definitions:

Minority

A smaller part of a group differing from the majority in ethnic, religious, political, or other characteristics.

Expensive Jewellery

High-value adornments made from precious materials and stones, often considered luxury items.

Mediation

Process of intergroup conflict resolution where a neutral third party intervenes in the negotiation process to facilitate a settlement.

Arbitration

A method of dispute resolution where an impartial third party makes a decision to resolve a dispute.