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Can someone help me with this please :) 2 A review of the ledger of Khan Company at 31 December 2016 produces the following data
Can someone help me with this please :)
2 A review of the ledger of Khan Company at 31 December 2016 produces the following data pertaining to the preparation of annual adjusting entries. 1. Prepaid insurance $9,800. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on 1 July 2015, for $6,000. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on 1 January 2016 for $4,800. This policy has a term of 2 years. Unearned subscriptions $49,000. The company began selling magazine subscriptions in 2016 on an annual basis. The magazine is published monthly. The selling price of a subscription is $50. A review of subscription contracts reveals the following: Subscription Number of date subscriptions 1 October 200 1 November 300 1 December 480 980 3. 4 Notes payable $40,000. This balance consists of a note for 6 months at an annual interest rate of 9%, dated 1 September. Salaries payable $0. There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive a salary of $500 each per week, and three employees earn $800 each per week. 31 December is a Wednesday. Employees do not work weekends. All employees worked the last 3 days of December. Required Prepare the adjusting entries as at 31 December 2016. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Accounts Debit Credit 1. Dec. 31 2. Dec. 31 3. Dec. 31 4. Dec. 31Step by Step Solution
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