A) Feeder Livestock Inventory Purchased for Resale adjustment - (the example on pages 76-77 will help).
- At the beginning of the year (1/1/2021) they had $18,000 of purchased feeder livestock on hand.
- During 2021, they purchased $36,000 worth of feeder livestock.
- At the end of the year (12/31/2021) they had $22,000 of purchased feeder livestock on hand.

B) Crop Inventory Raised for Sale adjustment (20 points) – (the example on page 75 will help).
- At the beginning of the year (1/1/2021) they had $42,000 of raised crops on hand.
- During 2021, they sold $75,000 worth of crops.
- At the end of the year (12/31/2021) they had $34,000 of raised crops on hand.

C) Prepaid Expense adjustment (20 points) – (the example on pages 79-80 will help).
- At the beginning of the year (1/1/2021) they had $6,000 of prepaid insurance.
- On August 1, 2021, they purchased a new one-year insurance policy for $18,000.
- You will need to determine how much unpaid insurance remains at the end of the year
(12/31/2021) in order to complete this adjustment.

D) Accounts Receivable adjustment (20 points) – (the example of page 88 will help).
- At the beginning of the year (1/1/2021) the Accounts Receivable balance was $14,000.
- During 2021, they had cash sales of $73,000 market livestock.
- At the end of the year (12/31/2021) they determine their cattle buyers still owe them $8,000.
For each end-of-year accrual adjustment, 1) calculate the necessary adjustment, 2) complete the related journal entry, 3) complete the income  statement adjustment, and 4) show the proper balance sheet entry for the relevant account.

Answer rating: 100% (QA)

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