Exercise 3-7 (Algo) Adjusting and paying accrued wages LO P3 Pablo Management has six employees, each of whom earns $200 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the six employees worked Monday, December 31, and Wednesday, Thursday, and Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday Prepare the December 31 year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 December 31 Wages expense Wages payable 2 January 04 Wages payable Wages expense Cash Exercise 3-15 (Algo) Analyzing and preparing adjusting entries LO P5 Following are two income statements for Alexis Company for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. Adjusted $ 30,000 42,500 72,500 Income Statements For Year Ended December 31 Unadjunted Adjustments Revenues Services revenue $ 24,000 Commissions ravonde 42,500 Total revenues $ 66,500 Expenses Depreciation expense-Computers 0 b Depreciation expense-office furniture 0 Salaries expense 12,500 d. Insurance expense 0 Rent expense 4,500 office supplies expense 0 Advertising expenso 3,000 Utilities expense 1.250 Total expenses 21,250 Not income $ 45,250 1,500 1,750 14,950 1,300 4,500 480 3,000 1,320 28.800 5.43,700 Analyze the statements and prepare the seven adjusting entries a through that likely were recorded, Hint The entry for a feters to revenue that has been earned but not yet billed. No adjusting entry involves cash. Answer is not compiere. Debit Credit Credit No General Journal Event 1 a Accounts receivable 2 b Depreciation expense--Computers Accumulated depreciation --Computers 3 c Depreciation expense-Office furniture Accumulated depreciation --Office furniture 4 d Salaries expense Salarles payable 5 0 Insurance expenso Prepaid insurance 6 Office supplies expense Office supplies SIS 7 9 Utilities expense Utilities payable Exercise 3-20 (Algo) Preparing closing entries and a post-closing trial balance LO P6 Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 10,300 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation-Equipment $ 6,500 307 Common stock 4,643 318 Retained earnings 36,600 319 Dividends 6,000 403 Services revenue 49,300 612 Depreciation expense-Equipment 2,000 622 Salaries expense 28, 742 637 Insurance expense 2.071 640 Rent expense 3,303 652 Supplies expense 1,627 Totals $ 97,043 $. 97,043 1. Prepare the December 31 closing entries. The account number for Income Summary is 901. 2. Prepare the December 31 post-closing trial balance. Note: The Retained Earnings account balance was $36,600 on December 31 of the prior year. Prepare the December 31 post-closing trial balance. Note: The Retained Earnings account balance was $36,600 on December 31 of the prior year CRUZ COMPANY Post-Closing Trial Balance December 31 Debit Credit Cash $ 18,000 Supplies 10,300 Prepaid insurance 2,000 Equipment 23,000 Accumulated depreciation Equipment $ 6,500 Common stock 4,643 Retained earnings OOOO Totals $ 53,300 $ 11,143 Answer is not complete. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 No Credit Prepare the December 31 closing entries. The account number for Income Summary is 901. Date General Journal Debit December 31 Services revenue 49,300 Income summary 1 49,300 2 December 31 Income summary Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense olololo 2,000 28,742 2,071 3,303 1,627 3 December 31 Income summary Retained earnings 4 December 31 Retained earnings Dividends