Question: All Adjusting Entries: For each of the following scenarios, indicate what type of adjusting entry it is and what the effect on the financial statements will be.

a) The company paid for a one year health insurance policy for the company president for $6000. Now one month has expired.

b) The company received a bill for Advertising expenses of $50,000 at the end of the month which has not been recorded or paid. An analysis of the bill indicates that this bill is for a television ad that will air next month.

c) A Flower Shop has a weekly payroll of AED 25,000 for its employees who work 5 days a week from Sunday to Thursday. They are paid each Thursday. The last day of the accounting period falls on a Monday.

d) An investment company has a Note Receivable with a face value of $400,000 and an interest rate of 8% per year which is paid at the end of each year. At the time of preparing the financial statements, 4 months have passed.

e) A Property Development company received a deposit of $600,000 for a major project. The company estimates that 30% of the project was completed during this period.

f) The company purchased Office Supplies for $6000 during the month of August. At the end of the month, the supplies were counted and the value was $3200.

g) A gardening company completed services at the end of the month for a client for $15,000. The services have not yet been recorded in the books. The company expects to receive the cash next month.

h) Customers have paid to join a Ceramics Studio. There was a special discount for paying for 4 months in advance. The studio received AED 12,000 from customers using this strategy. Two months have now passed.

i) A Fashion Designer paid AED 60,000 to rent a stand at Global Village for 3 months. One month has passed.

j) A Web Hosting Company received 6 months fees of web hosting fees in advance of $12,000. two months have now passed.

k) A consulting company has signed an agreement to complete a major project for a longtime customer for $40,000. The customer will pay once the full job is complete. The company estimates that they have completed 25% of the work so far.

l) A company has a Note Payable of $400,000 with an annual interest of 6% that is paid at the end of each year. At the end of the accounting period, 4 months have passed.