1)A one year insurance policy was purchased on Oct. 31 for a premium of $15,000. In the space below show your calculations to receive full credit. Complete the required year-end (December 31, 2021) adjusting entry below.

Account descriptionDebitCredit

$ 15,000

$ 15,000

Post the above entry to the trial balance in the adjustment columns.

2)The companys employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 24. The total payroll for all employees equals $900 per day and they are paid for all holidays. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect of any related payroll taxes).

Account descriptionDebitCredit

Post the above entry to the trial balance in the adjustment columns.