Prepare Adjusting Journal Entries,as Needed,for the Following Items

question 144

Essay

Prepare adjusting journal entries,as needed,for the following items.
(a)The Supplies account shows a balance of $500,but a count of supplies reveals only $200 on hand at year-end.
(b)The company initially records the payments of all insurance premiums as prepaid insurance.The unadjusted trial balance at year-end shows a balance of $500 in Prepaid Insurance.A review of insurance policies reveals that $100 of insurance is unexpired.
(c)Employees work Monday through Friday,and salaries of $2,500 per week are paid each Friday.The company's year-end falls on Tuesday.
(d)At year-end,the company received a utility bill for December's electricity usage of $200 that will be paid in early January.

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Definitions:

Rivals

Competitors within the same market that vie for customers and market share by offering similar goods or services.

Reaction Curve

Relationship between a firm’s profit-maximizing output and the amount it thinks its competitor will produce.

Nash Equilibrium

A concept in game theory where no participant can gain by unilaterally changing their strategy if the strategies of the others remain unchanged.

Nash Equilibrium

A concept in game theory where no player can benefit by changing their strategy while other players keep theirs unchanged.