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a. Each Friday, Loco pays employees for the current week's work. The amount of the weekly payroll is $6,000 for a five-day workweek. This year

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a. Each Friday, Loco pays employees for the current week's work. The amount of the weekly payroll is $6,000 for a five-day workweek. This year December 31 falls on a Tuesday. Loco will pay its employees on January 3. b. On January 1 of the current year, Loco purchases an insurance policy that covers two years, $8,000. c. The beginning balance of Office Supplies was $4,000. During the year, Loco purchased office supplies for $5,200, and at December 31 the office supplies on hand total $1,800. d. During December, Loco designed a landscape plan and the client prepaid $4,500. Loco recorded this amount as Unearned Revenue. The job will take several months to complete, and Loco estimates that the company has earned 70% of the total revenue during the current year. e. At December 31 , Loco had earned $4,200 for landscape services completed for Transit Appliances. Transit has stated that it will pay Loco on January 10. f. Depreciation for the current year includes Equipment, $4,000; and Trucks, $2,000. g. Loco has incurred $500 of interest expense on a $700 interest payment due on January 15 . Loco Landscaping has collected the following data for the December 31 adjusting entries: (1) (Click the icon 10 view the independent cases:) Rend tho thauirements : Requirement 1. Joumabize the acjusting entry needed on December 31 for each of the items affecting Loco Landscaping. Assume Loco tecords adjusting entries only at the end of the year. (Record debis first, then credits. Select the explanation on the last line of the journal entry table.) a. Each Friday. Loco pays employees for the current week's work. The amount of the woekly payrol is $6,000 for a five-day workweek. This year December 31 talls on a Tuesday. Loco will pay its empioyees on January 3 . b. On January 1 of the current year, Loco purchases an insurance policy that covers two yeart, 58,060 . When the policy was purchased on January'1, assume that Loco debited an asset account) c. The beginning balance of Otice Supples was $4,000. During the year, Loco putchased office supplies for $5,200, and at December 31 the ofice supplies on hand total $1,800 (Assume that Loco debits an assot account when supplies are purchased)

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