Each Friday, WARI pays employees for the current weeks work The amount of the payroll is $6,000 for a five day week The current accounting period ends on Monday WARI has received notes receivable from some clients for services During the current year, WARI has earned accrued interest revenue of $3,250, which will be received next year The beginning balance of supplies was $15,500 During the year, then entity purchased supplies costing $55,400, and at December 31 the inventory of supplies on hand is $12,650 WARI is conducting test of new hinges to be used in the rebuilding of a dump truck, and the client paid WARI $15,000 at the start of the project WARI recorded this amount as Unearned Service Revenue The tests will take several months to complete WARI executives estimate that the company has earned two thirds of the total fee during the current year Required Journalize the adjusting entry needed on December 31, 2019, the end of the current accounting period, for each of the four cases (a to d) Narratives are NOT required

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 15, 2024

Each Friday, WARI pays employees for the current weeks work. The amount of the payroll is $6,000 for a five-day week. The current accounting period

Each Friday, WARI pays employees for the current weeks work. The amount of the payroll is $6,000 for a five-day week. The current accounting period ends on Monday.

WARI has received notes receivable from some clients for services. During the current year, WARI has earned accrued interest revenue of $3,250, which will be received next year.

The beginning balance of supplies was $15,500. During the year, then entity purchased supplies costing $55,400, and at December 31 the inventory of supplies on hand is $12,650.

WARI is conducting test of new hinges to be used in the rebuilding of a dump truck, and the client paid WARI $15,000 at the start of the project. WARI recorded this amount as Unearned Service Revenue. The tests will take several months to complete. WARI executives estimate that the company has earned two-thirds of the total fee during the current year.

Required

Journalize the adjusting entry needed on December 31, 2019, the end of the current accounting period, for each of the four cases (a to d). Narratives are NOT required.