Journalize Adjusting Entry

More info a. Each Friday, Laferty pays employees for the current week's work. The amount of the weekly payroll is $6,500 for a five-day workweek. This year December 31 falls on a Tuesday. Laferty will pay its employees on January 3. b. On January 1 of the current year, Laferty purchases an insurance policy that covers two years, $10,000. c. The beginning balance of Office Supplies was $4,300. During the year, Laferty purchased office supplies for $5,500, and at December 31 the office supplies on hand total $2,000. d. During December, Laferty designed a landscape plan and the client prepaid $7,000. Laferty recorded this amount as Uneamed Revenue. The job will take several months to complete, and Laferty estimates that the company has earned 60% of the total revenue during the current year. e. At December 31, Laferty had eamed $5,000 for landscape services completed for Lost and Found Appliances. Lost and Found has stated that it will pay Laferty on January 10. f. Depreciation for the current year includes Equipment, $3,100; and Trucks, $1,400. g. Laferty has incurred $200 of interest expense on a $300 interest payment due on January 15. Requirement 2. Joumalize the subsecuent joumal entres for adjusting entries a, d, and g. (Rocord debits first, then credits, Select the explanation on the last line of the joumal enlay lable.) a. Each Friday, Latorty pays employees for the ourrent weeks work. The amount of the weekly payroll is $6,500 for a five-diy woekweek. This year December 3t tals on a Tuesday. Laferty will pay its employoes an danuary 3 . Jocimalize the subsequent joumal entry that Laferty will rocord on Jancary 3. d. During December, Laferty designed a landscape plan and the cllent prepsid $7,000. Lasory recorded this amount as Unearned Revenue. The job will take soveral montha to complelo, and Laferty estimates that the company has earned 60 percent of the total revenue during he current year. Journaliae the subsequent joumal entry that Laferty will record when the job is complete