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Can you check this? I don't know what I'm doing and need to pass this class. 1 2 3 4 5 ACME Distribution, Inc. December
Can you check this? I don't know what I'm doing and need to pass this class.
1 2 3 4 5 ACME Distribution, Inc. December 31, 2021 Adjusting Entries Read through each situation below and on the following pages. After completing any necessary calculations prepare the required adjusting journal entry. When preparing the adjusting journal entries, use the account titles from the trial balance or the general ledger. Post each of the entries below to the trial balance and calculate the adjusted account balances. 6 7 8 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. 9 1500 as deb. Dec. 31 insurance Sales 1500 as cred. 11 12 Account description Debit Credit insurance expense $ 1,500 sales $ 1,500 14 15 16 17 18 Post the above entry to the trial balance in the adjustment columns. 2) The company's 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). 19 M-F weekly. Paid to December Dec. 24. $900 per day + holidays. How many holidays 900x365x10=3,285,000 20 21 22 Debit Credit Account description salary expense salaries payable $ 3,285,000 $ 3,285,000 Post the above entry to the trial balance in the adjustment columns. 23 24 25 26 27 28 29 30 31 R2Step by Step Solution
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