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due in 30 min help please!!!! 31, the end of the current accounting period, for each of the independent cases affecting Woods Corporation. Cases a.
due in 30 min help please!!!!
31, the end of the current accounting period, for each of the independent cases affecting Woods Corporation. Cases a. The details of Prepaid Insurance are as follows: Woods prepays insurance on March 31 each year. At December 31,$800 is still prepaid. b. Woods pays employees each Friday. The amount of the weekly payroll is $6,000 for a five-day work week. The current accounting period ends on Tuesday. c. Woods has a note receivable. During the current year, Woods has earned accrued interest revenue of $500 that it will collect next year. d. The beginning balance of supplies was $2,900. During the year, Woods purchased supplies costing $6,100, and at December 31 supplies on hand total \$2,200. e. Woods is providing services for Sting Ray Investments, and the owner of Sting Ray paid Woods an annual service fee of $11,000. Woods recorded this amount as Unearned Service Revenue. Woods estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, \$4, 100, and Equipment, $5,900. Requirersent dehita 1trst, thon credis. Select the explanision on the last line of the pournat entry Gable) Reguingment Consider each of the following independent cases: (1) (Click the icon to view the independent cases.) Requirement 1. Journalize the adjusting entry needed on December 31 , the end of the current accountin- b. Woods pays employees each Friday. The amount of the weekly payroll is 5.000 for a five-day work week The current accounting period ends on a Tuesday. c. Woods has a note recelvable. Duing the current yeat, Woods has eained accruedif ererest revenue of $500 that it wil collect next yea? \begin{tabular}{ccc|c|} \hline \multicolumn{2}{c}{ Journal Entry } \\ \hline Date & Accounts and Explanation & Debilt & Credit \\ \hline Dec 31 & & \\ \hline \end{tabular} rarempinew alize the adjusting entry needed on December 31 , the end of the current accounting period, for e \begin{tabular}{|cc} \hline ods pays empl \\ \hline Date & \\ \hline Dec & 31 \end{tabular} Woods has a ne zvenue of $500 curestyeat Step by Step Solution
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