End-Of-Period Adjustments West Laboratory Adjusts and Closes Its Accounts at the End

question 85

Essay

End-of-period adjustments
West Laboratory adjusts and closes its accounts at the end of each month.The trial balance at September 30,2015,before adjustments,is as follows: The following information relates to month end adjustments:
(a)Office supplies on hand September 30 amounted to $500.
(b)The useful life of the medical equipment was estimated to be 20 years.
(c)Many patients pay in advance for major medical procedures.Fees of $6,000 were earned during the month by performing procedures on patients who had paid in advance.
(d)Salaries earned by employees during the month but not yet recorded amounted to $2,300.
(e)On September 1,West Laboratory had moved and paid 2 month's rent in advance.
(f)Medical procedures performed during the month but not yet billed or recorded amounted to $4,600.
Prepare the adjusting entries required at September 30.

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Definitions:

Organic Society

A concept in sociology describing a type of society that functions like a biological organism, with various segments working together towards the functionality and stability of the whole.

Dynamic Density

An concept in sociology that refers to the amount of interaction between individuals within a given space, suggesting that increased interaction leads to social change.

Division of Labor

The allocation of different tasks and responsibilities to different people or groups, often leading to specializations in certain skills or professions.

Dynamic Density

A concept in sociology that refers to the frequency and intensity of interactions among members of a society, often increasing with population density and social complexity.