Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can i get part A answer > 1. Question 9 of 9 - / 15 View Policies Current Attempt in Progress Demello & Associates records
can i get part A answer
> 1. Question 9 of 9 - / 15 View Policies Current Attempt in Progress Demello & Associates records adjusting entries on an annual basis. The company has the following information available on actual that must be recorded for the year ended December 31, 2021 Demello has a $12,000. 10% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month, Demello pays its employees a total of $6,500 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021. up to the Friday of the prior week Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $3,320. Demello billed the customer on January 7, 2022, and collected the full amount on January 18, 2022 Demello received the $510 December utility bill on January 10, 2022. The bill was paid on its due date, January 22, 2022 5. Demello has a $20,400,8% note payable. Interest is paid every six months on October 31 and April 30. Assume that Demello made the correct interest payment on April 30, 2021. and October 31, 2021 2 3 4. 5 Prepare the adjusting journal entries required on December 31, 2021. (Credit account titles are automatically Indented when amount Is entered. Do not indent manually. If no entry is mquired, select "No Entry" for the account titles and enter for the amounts. Round answers to the nearest whole dollar, es 5,275) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 2 Dec 31 3. 3 Dec 31 Question 9 of 9 > -/15 E 4. Dec 31 5 Dec 31 | | Attempts of lused Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started