The Data Below Concerns Adjustments to Be Made at the Conner

question 62

Essay

The data below concerns adjustments to be made at the Conner Company. Record the adjusting entries on page 12 of a general journal as of December 31, 2013. On the same page of the general journal, record the reversing entries as of January 1, 2014. Include descriptions.
Adjustment data:
(a) On October 1, 2013, the firm paid rent of $6,000 in advance for a 6-month period.
(b) A total of $5,000 should be recorded as depreciation of equipment for 2013.
(c) On December 31, 2013, the firm owed salaries of $4,000 that will not be paid until January 2014.
(d) On December 31, 2013, the firm owed the employer's social security (6.2%) and Medicare (1.45%) taxes on all of the accrued salaries.

Comprehending the principles underlying the taxation and spending powers of Congress.

Understand the difference between programmed and nonprogrammed decisions and their applications in organizational contexts.

Recognize the importance and role of crisis management programs in organizations.

Identify the criteria used in making ethical decisions and assessing their impact on stakeholders.

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Definitions:

Mediation

A method of conflict resolution where a neutral third party assists the disputing parties in reaching a mutually acceptable agreement.

Alternative Dispute Resolution

A range of processes, such as mediation and arbitration, that provide an alternative to litigation for resolving disputes between parties.

Arbitration

A form of alternative dispute resolution where a neutral third party (the arbitrator) makes a decision to resolve a dispute between two or more parties.

Acute Renal Failure

A sudden loss of kidney function that occurs over a few hours or days, which can cause toxins to build up in the body and may need urgent treatment.