Prepare the December 31 adjusting entries for the following transactions. Omit explanations.
1. Fees accrued but unbilled total $6,300.
2. The supplies account balance on December 31 is $4,750. Supplies on hand are $960.
3. Wages accrued but not paid are $2,700.
4. Depreciation of office equipment is $1,650.
5. Rent expired during year, $10,800.
Definitions:
Price-Support Program
Government policies designed to maintain the price of a commodity at a certain level through subsidies or purchase of the market surplus.
Price Supports
Government interventions to maintain the market price of a commodity at a certain level to protect producers from market fluctuations.
Price Floor
A government or regulatory-imposed minimum price for a commodity or service, intended to prevent the market price from falling below a certain level.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or commodity, usually intended to protect consumers.
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