Paradise Realty Co. pays weekly salaries of $18,650 on Friday for a five-day workweek ending on that day.

Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Monday and (b) on Thursday. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS Paradise Realty Co. General Ledger

ASSETS 11 Cash 12Accounts Receivable 13Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment

LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable

EQUITY 31 Common Stock32 Retained Earnings 33 Dividends

REVENUE 41 Fees Earned

EXPENSES 51Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salaries Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense

a) Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Monday, March 31. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION DEBIT CREDIT ASSETS LIABILITIES EQUITY

1 _____ Adjusting Entries ________ _______ _______

2 ________ _______ _______ ___________ _________ 3 ________ _______ _______ ____________ ________

(b) Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Thursday, March 31. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL ACCOUNTING EQUATION

DATE DESCRIPTION DEBIT CREDIT ASSETS LIABILITIES EQUITY

1 _____ Adjusting Entries ________ _______ _______

2 ________ _______ _______ ___________ _________ 3 ________ _______ _______ ____________ ________