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For each of the following, journalize the necessary adjusting entry as of December 31. (a) A business pays weekly salaries of $1,250 every other
For each of the following, journalize the necessary adjusting entry as of December 31. (a) A business pays weekly salaries of $1,250 every other Friday for a five-day work week. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends Saturday, December 31. (b) The balance in the prepaid insurance account after adjustment at the end of the year is $5,500. Journalize the adjusting entry required (c) The company tow truck has scheduled depreciation of $5,400 annually. Write the adjusting entry to recognize the depreciation for December 2009. (d) (e) (f) The company's Auto Repair Supplies account shows a debit balance of $2,750. An inspection of the supplies room on December 31st reveals only $635 worth of supplies. Fees accrued but unbilled are $950. Performed service on Bayside Taxi Fleet of $2,750 in December (g) Interest accrued on Mortgage note is annualized at $1,200. Assume a 30 day month. (h) Rent expired during year, $2,000. Is an adjusting required at this time, yes or no Explain your conclusion and if yes what is the adjusting entry Date Description Post Ref Debit Credit
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