E$3-13$ Adjustment for Accrued Salaries

Obj. $3$

Laguna Realty Co$.$ pays weekly salaries of $$8,000$ on Friday for a five$-$day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends $($a$)$ on Monday or $($b$)$ on Wednesday? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.

E$3-21$ Adjustments for Unearned and Accrued Fees

Obj. $3$

The balance in the unearned fees account, before adjustment at the end of the year, is $$900,000.$ Of these fees, $$775,000$ have been earned. In addition, $$289,500$ of fees have been earned but not billed to clients. What are the adjustments $($a$)$ to adjust the unearned fees account and $($b$)$ to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.