14) BMCC, a magazine, collected $480,000 in subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual basis of accounting. Prepare the adjusting entry needed on June 30. (Ignore explanation). Assume the magazine initially records a liability for the subscription revenue. 15) BMCC has a weekly payroll of $50,000. December 31, 2018 falls on Thursday and BMCC will pay its employees the following Monday (January 4, 2019) for the previous full week. Assume that the company has a five-day workweek and has an unadjusted balance in Salaries Expense of $845,000 at December 31. Prepare the December 31, 2018 adjusting entry. 16) BMCC has a weekly payroll of $50,000. December 31 falls on Thursday and BMCC will pay its employees the following Monday (January 4) for the previous full week. Assume that the company has a five-day workweek and has an unadjusted balance in Salaries Expense of $845.000 at December 31. Prepare the January 4 journal entry 17) BMCC has a weekly payroll of $34.000. December 31 falls on Tuesday and the school will pay its employees the following Monday (January 6) for the previous full week. Assume that BMCC has a five-day workweek and has an unadjusted balance in Salaries Expense of $925,000 at December 31. What is the December 31 balance of Salaries Expense after adjusting entries are recorded and posted? A) $925,00 B) $959.000 C) $938.600 D) $945.400 18) ABC hired a repair service to overhaul its plumbing system. The repair service began work on September 15 and intends to complete it on October 15. The business will pay the repair service $4.000 when the work is completed. As of September 30, the work was 50% complete. Provide the adjusting entry to accrue repair expense by the end of September. (Ignore explanation), 19) DEF hired a repair service to overhaul its plumbing system. The repair service began work on September 15 and completed it on October 15. The business agreed to pay the service 54,000 when the work was completed. As of September 30, the work was 50% complete, and the business made an adjusting entry to accrue repair expense as of the end of September. On October 15, the work was completed, and the repair service was paid in full. Provide the journal entry for the cash payment on October 15. (Ignore explanation), 20) On January 1, 2017, the Accounts Receivable of ABC had a debit balance of $190,000. During January, ABC provided services for $400,000 on account. ABC collected $240,000 from its customers on account in January. What was the ending balance in the Accounts Receivable account at the end of January? \)$590,000 B) $400,000 C) $350,000 D) $160.000 21) Delta is hired on December 15, 2018 to perform services, beginning on December 16, 2018. Under this agreement, Delta will carn $3900 monthly and receive payment on January 15, 2019. What amount of service revenue should be recorded for the year ending December 31, 2018? A) $1950 BO ) $3900 D) There is not enough information to answer this. 22) ABC Company performed services of $8,000 on January 24 and invoiced the customer. ABC received the $8,000 on January 31. Provide the journal entry on January 24 when services were performed. (Ignore explanation) 23) ABC Company performed services of $8,000 on January 24 and invoiced the customer. ABC received the $8,000 on January 31. Provide the journal entry on January 31 when the cash was received. (Ignore 14) BMOC, a magazine, collected $480,000 in subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual basis of accounting. Prepare the adjusting entry needed on June 30. (Ignore explanation). Assume the magazine initially records a liability for the subscription revenue. 15) BMCC has a weekly payroll of $50,000. December 31, 2018 falls on Thursday and BMCC will pay its employees the following Monday January 4, 2019) for the previous full week. Assume that the company has a five-day workweek and has an unadjusted balance in Salaries Expense of $845,000 at December 31. Prepare the December 31, 2018 adjusting entry 16) BMCC has a weekly payroll of $50,000. December 31 falls on Thursday and BMCC will pay its employees the following Monday (January 4) for the previous full week. Assume that the company has a five-day workweek and has an unadjusted balance in Salaries Expense of $845.000 at December 31. Prepare the January 4 journal entry 17) BMCC has a weekly payroll of $34.000. December 31 falls on Tuesday and the school will pay its employees the following Monday (January 6) for the previous full week. Assume that BMCC has a five-day workweek and has an unadjusted balance in Salaries Expense of $925,000 at December 31. What is the December 31 balance of Salaries Expense after adjusting entries are recorded and posted? A) 8925.00 B) $959.000 C) $938.600 D) $945,400 18) ABC hired a repair service to overhaul its plumbing system. The repair service began work on September 15 and intends to complete it on October 15. The business will pay the repair service $4,000 when the work is completed. As of September 30, the work was 50% complete. Provide the adjusting entry to accrue repair expense by the end of September. (Ignore explanation). 19) DEF hired a repair service to overhaul its plumbing system. The repair service began work on September 15 and completed it on October 15. The business agreed to pay the service $4,000 when the work was completed. As of September 30, the work was 50% complete, and the business made an adjusting entry to accrue repair expense as of the end of September. On October 15, the work was completed, and the repair service was paid in full. Provide the journal entry for the cash payment on October 15. (Ignore explanation). 20) On January 1, 2017, the Accounts Receivable of ABC had a debit balance of $190,000. During January, ABC provided services for $400,000 on account. ABC collected $240,000 from its customers on account in January. What was the ending balance in the Accounts Receivable account at the end of January? A) $590,000 B) $400,000 $350,000 D) $160,000 21) Delta is hired on December 15, 2018 to perform services, beginning on December 16, 2018. Under this agreement, Delta will earn $3900 monthly and receive payment on January 15, 2019. What amount of service revenue should be recorded for the year ending December 31, 2018? A) $1950 B)O C) $3900 D) There is not enough information to answer this. 22) ABC Company performed services of $8.000 on January 24 and invoiced the customer. ABC received the $8.000 on January 31. Provide the journal entry on January 24 when services were performed. (Ignore explanation.) 23) ABC Company performed services of $8.000 on January 24 and invoiced the customer, ABC received the $8,000 on January 31. Provide the journal entry on January 31 when the cash was received. (Ignore