Question
As of December 31, employees had earned $1,500 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,875 of salaries
- As of December 31, employees had earned $1,500 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,875 of salaries will be paid. Record the required adjusting entry, if any.
Note: Enter debits before credits.
Date Account Title Debit Credit
- The cost of supplies still available at December 31 is $1,700. Record the required adjusting entry, if any.
Note: Enter debits before credits.
Date Account Title Debit Credit
- The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31, is $1,000. The next interest payment, at an amount of $1,200, is due on January 15. Record the required adjusting entry, if any.
Note: Enter debits before credits.
Date Account Title Debit Credit
- Analysis of the unearned member fees account shows $1,400 remaining unearned at December 31. Record the required adjusting entry, if any.
Note: Enter debits before credits.
Date Account Title Debit Credit
- In addition to the member fees included in the revenue account balance, the company has earned another $14,800 in unrecorded fees that will be collected on January 31. The company is also expected to collect $15,000 on that same day for new fees earned in January. Record the required adjusting entry, if any.
Note: Enter debits before credits.
Date Account Title Debit Credit
- Depreciation expense for the year is $26,000. Record the required adjusting entry, if any.
Note: Enter debits before credits.
Date Account Title Debit Credit
- Record the entry to close the revenue account(s).
Note: Enter debits before credits.
Date Account Debit Credit
- Record the entry to close the expense account(s).
Note: Enter debits before credits.
Date Account Title Debit Credit
- Record the entry to close income summary.
Note: Enter debits before credits.
Date Account Title Debit Credit
- Record the entry to close the owner's withdrawals account.
Note: Enter debits before credits.
Date Account Title Debit Credit
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Financial & Managerial Accounting
Authors: Jan Williams, Sue Haka, Mark Bettner, Joseph Carcello
15th Edition
0073526991, 9780073526997
