-Hunting and Gathering: Simplest form of society: small in size; nomadic; very little surplus development; most -equalitarian of all societies

-Pastoral and Horticultural: transformation from hunting/gathering to Pastoral/Horticultural; 1st social revolution; spurred by domestication of plants/animals; marked by creation of food surpluses which allowed for increases in population sizes and a division of labor; feuds and wars erupted;

-Agricultural: 2nd social revolution; spurred by invention of the plow about 5,000-6,000 years ago which created a much larger food surplus, allowing people to engage in other activities besides farming (cities developed); concentration of resources and power, along with the oppression of the powerless, forerunner of the state

-Industrial: 3rd social revolution; began in Great Britain in the middle 18th century with the introduction of the steam engine; characterized by harnessing of mechanical power sources, and the emergence of manufacturing as the major sources of power, wealth, and prestige; individuals who first utilized new technology accumulated great wealth, contrasting means of production/dictating the conditions; huge surplus of labor; pattern of growing inequality eventually reversed as laborers began to organize/fight for better living conditions; slavery abolished, more representative political systems

-Postindustrial: characterized by the movement away from production/manufacturing to service industries; 4th social revolution; us first country to have more than 50a5 of its workforce employed in service industries; basic component: info and its transformation of everyday social life The capitalist class: 1% of population, not a homogenous class, divided into old/new money.

-> $1 million

-Old - more socially liberal yet economically conservative

-New - socially and economically conservative, more engaged in conspicuous consumption.

The Upper Middle Class: 15% of population

-> $125,000

-Most characterized by their level of education (post-graduate)

The lower Middle Class: 34% of population

-Roughly between $65,000 and $125,000

-Distinguished from the upper middle class by less advanced degrees and less prestigious occupations.

-Distinguished from the working class through greater participation in white collar forms of work.

The Working Class: 30% of population

-Roughly between $36,000 to $65,000

-Limited education beyond high school - noted for their participation in labor.

The Working Poor: (15%-16% of population)

-Household incomes roughly up to $19,000

-Lack of marketable employment skills/limited education

The Underclass: (4% - 5% of population)

-<$12,000

-Concentrated in inner cities with little connection to a viable job market, heavily reliant on assistance for survival. financeNext Job, Inc., provides employment consulting services. The company adjusts its accounts monthly but performs closing entries annually on December 31 . The firm's unadjusted trial balance dated December 31,2011 , is shown on the following page.\
Other Data
1. Accrued but unrecorded and uncollected consulting fees earned total $\$ 25,000$ at December 31 , 2011.
2. The company determined that $\$ 15,000$ of previously unearned consulting services fees had been earned at December 31,2011 .
3. Office supplies on hand at December 31 total $\$ 300$.
4. The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the equipment was six years (72 months).
5. The company prepaid its nine-month rent agreement on June 1, 2011.
6. The company prepaid its six-month insurance policy on December 1, 2011.
7. Accrued but unpaid salaries total $\$ 12,000$ at December 31,2011 .
8. On September 1,2011 , the company borrowed $\$ 60,000$ by signing an eight-month, 4 percent note payable. The entire amount, plus interest, is due on March 1, 2012.
9. The company's accounting firm estimates that income taxes expense for the entire year is $\$ 50,000$. The unpaid portion of this amount is due early in 2012.
$$
\begin{array}{|cc}
\hspace{3cm} & \text{NEXT JOB, INC.
UNADJUSTED TRIAL BALANCE}\\
\hspace{3cm} & \text{DECEMBER 31, 2011}\\
\hspace{4cm} &\hspace{2cm} & \textbf{Debits} & \textbf{Credits}\\
\text { Cash } & \cdots \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots \cdots\cdots\cdots\cdots& \$ 276,500 & \\
\text { Accounts receivable } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 90,000& \\
\text {Office supplies } &\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 800 & \\
\text {Prepaid rent } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 3,600 & \\
\text { Unexpired insurance } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 1,500& \\
\text { Office equipment} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 72,000& \\
\text { Accumulated depreciation: office equipment } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & &\$24,000 \\
\text { Accounts payable} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & & 4,000 \\
\text { Notes payable (due 3/1/12) } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots& & 60,000\\
\text { Interest payable } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots \cdots\cdots\cdots& &600 \\
\text { Income taxes payable } & \cdots\cdots\cdots\cdots\cdots\cdots \cdots\cdots\cdots& & 9,000\\
\text { Dividends payable} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & & 3,000 \\
\text {Unearned consulting fees} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & & 22,000\\
\text { Capital stock } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & & 200,000 \\
\text {Retained earnings } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & & 40,000\\
\text { Dividends } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 3,000 & \\
\text { Consulting fees earned } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & & 500,000\\
\text { Rent expense} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 14,700& \\
\text {Insurance expense } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 2,200 & \\
\text { Office supplies expense} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,500& \\
\text { Depreciation expense: office equipment} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots&11,000 & \\
\text { Salaries expense } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots \cdots\cdots\cdots& 330,000& \\
\text { Utilities expense } & \cdots\cdots\cdots\cdots\cdots\cdots \cdots\cdots\cdots& 4,800 & \\
\text {Interest expense } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 3,000 &\\
\text {Income taxes expense } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots \cdots\cdots\cdots& 45,000& \\
\text{Totals} &\hspace{2cm} & \$862,600 & \$862,600\\
\end{array}
$$
Instructions\
a. Prepare the necessary adjusting journal entries on December 31, 2011. Also prepare an adjusted trial balance dated December 31, 2011. 23rd Edition•ISBN: 9781305575080David Twomey, Marianne Jennings, Stephanie Greene369 solutions

10th Edition•ISBN: 9780134700724Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson525 solutions

15th Edition•ISBN: 9781337520164John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine249 solutions

5th Edition•ISBN: 9781118898208Jack T. Marchewka346 solutions