Items concerning the accounts of the Doolittle Company for the current year are described below.  Prepare a December 31 year-end adjusting entry for each item, or indicate that an adjusting entry is not necessary.  Assume that transactions were initially recorded in real (balance sheet) accounts unless otherwise indicated. On July 1, a two-year comprehensive insurance policy was purchased for $1,200. The payment was debited to prepaid insurance. On January 1, the Office Supplies account had a $250 balance.  Supplies costing $1,000 were purchased during the year.  At December 31, an inventory count showed $300 of supplies on hand. As of December 31, $3,750 of employee salaries had been earned but not paid.  No entry for these unpaid salaries was previously recorded. Straight-line depreciation is used for a building purchased 5 years ago for $30,000, with an expected life of 30 years and an estimated residual value of $3,000. Entries to record depreciation were made each month through November. The income tax rate is 30% on current income.  Pretax income before the above adjusting entries was $17,075.

Upload your completed Excel file showing your work for questions 13-17.

If a journal entry that affects only two accounts increases an asset as one part of the entry, what might the other part of the entry do?

A transaction entered in the general journal must consist of

Match the descriptive statements below to the appropriate element of the financial statements in the dropdown menu.

Part 3: Short Problems (70 points) You must use this file to complete your work for questions 13-17. Download the file: Midterm 1 Work Template.xlsx  Click OK to navigate away from your browser page Save it to your desktop renamed: LastnameFirstnameMidterm1ACCT5101 (Example: JohnsonScottMidterm1ACCT5101) Save your work regularly or turn on Autosave Since I am only allowing one screen, a best practice is to split your screen so you can see the exam questions and work in your Excel file without switching back and forth. Each question is formatted as a file upload question so that all your work is included in your Excel file. You only need to upload your file once. When you have completed the exam, upload your Excel file in the last question.

Part 2: Matching (20 points)

Which of the following would not be shown on the Balance Sheet?

In a response of about 250-300 words, describe what you see in the painting in one paragraph. In another paragraph, describe what you think is happening in the painting, what it means, and/or what its message is to you. I don’t care about what the internet or some art scholar has to say about this painting. I only care about whatever it is you see and what you think it means. 

The three conditions that must be met for civil commitment are _________ __________ (2 words), danger to self or others, and grave disability.