Three Transactions Described Below Were Completed During 2016 by Story

question 33

Essay

Three transactions described below were completed during 2016 by Story Company.
A.On June 1, 2016, Story Company paid $12,600 for one year's rent beginning on that date.The rent payment was recorded as follows:

B.On February 1, 2016, Story Company purchased office supplies during the year that cost $700 and placed the supplies in a storeroom for use as needed.The purchase was recorded as follows:
At December 31, 2016, a count showed unused office supplies of $200 in the storeroom.There was no beginning inventory of supplies on hand.
C.On December 31, 2016, Story Company owed employees $2,000 for wages earned during December.These wages had not been paid or recorded.Required:
Prepare the adjusting entries as of December 31, 2016, assuming no adjusting entries have been made during the year.

---

Definitions:

Reward Model

A theory or framework that explains how positive outcomes or rewards can drive motivation and behavior.

Personality Traits

Enduring characteristics that describe an individual's behavior consistently across different situations.

Lonely

Experiencing a feeling of sadness or isolation because one has no friends or company.

Reward Model of Liking

A psychological theory suggesting that positive responses and reinforcements from others can lead to preferences and liking for certain stimuli or individuals.