Based on the Unadjusted Trial Balance for Highlight Styling, Inc

question 216

Essay

Based on the unadjusted trial balance for Highlight Styling, Inc. and the adjusting information given below, prepare the adjusting journal entries for Highlight Styling Inc.
Highlight Styling Inc.'s unadjusted trial balance for the current year follows: Additional information:
a. An insurance policy examination showed $1,040 of expired insurance.
b. An inventory count showed $210 of unused shop supplies still available.
c. Depreciation expense on shop equipment, $350.
d. Depreciation expense on the building, $2,020.
e. A beautician is behind on space rental payments, and this $200 of accrued revenues was unrecorded at the time the trial balance was prepared.
f. $800 of the Unearned Rent account balance was still unearned by year-end.
g. The one employee, a receptionist, works a five-day workweek at $50 per day. The employee was paid last week but has worked four days this week for which she has not been paid.
h. Three months' property taxes, totaling $450, have accrued. This additional amount of property taxes expense has not been recorded.
i. One month's interest on the note payable, $600, has accrued but is unrecorded.

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Definitions:

Elastic Recoil

The ability of an organ or tissue to return to its original shape after being stretched or compressed.

Chemical Receptors

Proteins in cells that bind to specific chemicals, allowing the cell to respond to various signals and changes in its environment.

Arterial Oxygen Saturation

A measure of the amount of oxygen bound to hemoglobin in the blood, indicating how well oxygen is being transported to body tissues.

Right Atrium

The right upper chamber of the heart that receives deoxygenated blood from the body and pumps it to the right ventricle.