For Each of the Following Transactions,match the Action (Debit or Credit)and

question 47

Essay

For each of the following transactions,match the action (Debit or Credit)and the account type (Asset,Liability,Revenue,or Expense)to each account for the appropriate adjustment that needs to be made at the end of June.Also,show the effect on Retained Earnings.
(D)Debit or (C)Credit
(A)Asset,(L)Liability,(R)Revenue or (E)Expense Account
$\int$ or › Retained Earnings
a.The company has insurance costs of $620 a day for the month of June.On June 1 the company had $26,000 of prepaid insurance.
b.The company provides services in June for which it had received payment of $18,300 in May.
c.The company had $12,500 worth of labour performed by workers who will be paid in July.
d.The company had income before income taxes of $287,400 for June and will pay taxes at the rate of 36%.The tax will be paid in July.
e.The company had interest of $1,000 due for June on a Certificate of Deposit (CD).The interest will be received in August.
$\begin{array}{lrr} \text { Insurance expense: Action ( \( \mathrm{D} \) or C) } &\underline{\quad\quad}& \text { Account Type \( (A, L, R, o r E) \)} &\underline{\quad\quad} \\ \text { Prepaid insurance: Action (D or C) } &\underline{\quad\quad}& \text { Account Tvpe (A. L. R. or E) }&\underline{\quad\quad} \\ \text { Effect on Retained earnings: } &\underline{\quad\quad}\\\end{array}$
$\begin{array}{lrr} \text { Insurance expense: Action ( \( \mathrm{D} \) or C) } &\underline{\quad\quad}& \text { Account Type \( (A, L, R, o r E) \)} &\underline{\quad\quad} \\ \text { Prepaid insurance: Action (D or C) } &\underline{\quad\quad}& \text { Account Tvpe (A. L. R. or E) }&\underline{\quad\quad} \\ \text { Effect on Retained earnings: } &\underline{\quad\quad}\\\end{array}$

$\begin{array}{lrr} \text { Insurance expense: Action ( \( \mathrm{D} \) or C) } &\underline{\quad\quad}& \text { Account Type \( (A, L, R, o r E) \)} &\underline{\quad\quad} \\ \text { Prepaid insurance: Action (D or C) } &\underline{\quad\quad}& \text { Account Tvpe (A. L. R. or E) }&\underline{\quad\quad} \\ \text { Effect on Retained earnings: } &\underline{\quad\quad}\\\end{array}$

$\begin{array}{lrr} \text { Insurance expense: Action ( \( \mathrm{D} \) or C) } &\underline{\quad\quad}& \text { Account Type \( (A, L, R, o r E) \)} &\underline{\quad\quad} \\ \text { Prepaid insurance: Action (D or C) } &\underline{\quad\quad}& \text { Account Tvpe (A. L. R. or E) }&\underline{\quad\quad} \\ \text { Effect on Retained earnings: } &\underline{\quad\quad}\\\end{array}$

$\begin{array}{lrr} \text { Insurance expense: Action ( \( \mathrm{D} \) or C) } &\underline{\quad\quad}& \text { Account Type \( (A, L, R, o r E) \)} &\underline{\quad\quad} \\ \text { Prepaid insurance: Action (D or C) } &\underline{\quad\quad}& \text { Account Tvpe (A. L. R. or E) }&\underline{\quad\quad} \\ \text { Effect on Retained earnings: } &\underline{\quad\quad}\\\end{array}$

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Definitions:

Determined

Possessing a strong motivation or resolve; having a firm decision to do something.

Scientifically Studied

A research approach that utilizes systematic and empirical methods to investigate phenomena, ensuring reliability and validity of findings.

Circular Reasoning

A logical fallacy in which the conclusion of an argument is used as a premise of the same argument; essentially, the reasoning goes in a circle without proving anything.

Radical Behaviorism

A philosophy of psychology based on the premise that all behaviors are a result of the interaction between the individual and their environment, emphasizing observable behaviors over internal factors.