In General Journal Form,record Adjusting Entries for the Following Items

question 179

Essay

In general journal form,record adjusting entries for the following items for Cornish Accounting Co.at December 31,2015.
a)On January 3,2015,$5,500 of supplies were purchased and recorded as an asset.A count revealed $500 still on hand at December 31,2015.
b)Services performed during December but not yet billed to customers totalled $2,500.
c)On July 1,2015,a $10,000 car was purchased on account.The car is expected to last 4 years and have no residual value at the end of its useful life.
d)On December 31,2015 utilities owed but not yet paid amounted to $500.
e)On January 10,2015 Cornish Accounting Co.accepted a $5,000 deposit from a client for tax work to be completed during the year.The deposit was recorded as unearned revenue.On December 31,2015 all the tax work for the client is complete.

Identify the role of symbolic culture in society.

Grasp the significance of personal space as a cultural construct.

Define culture in broad terms as a way of life and its impact on worldview.

Recognize the elements of symbolic culture and their importance.

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Definitions:

EBIT

Earnings Before Interest and Taxes; a measure of a firm's profit that includes all income and expenses except interest and income tax expenses.

Income Statement

A financial statement that shows a company's income and expenses over a specific period, culminating in net profit or loss.

After-Tax Income

The amount of income an individual or corporation retains after all applicable taxes have been deducted.

Depreciation

The accounting process of allocating the cost of a tangible asset over its useful life, reflecting wear and tear or obsolescence.