Part 2 December Adjustments:

1. The current portion of the new mortgage due is $650,000. Please make the appropriate entries.

1. During the last pay period of the year, a payroll of 7 days was earned with 3 days left in the New Yea>r. The payroll for 10 days based on 70 highly skilled employees working 8 hrs a day, making $36/hr. At this time of year, they worked and extra 3 hours a day and paid time and a half. They are paid on January 4^th record the entries for December.

1. Unearned revenue was earned by year-end.

1. Record the entry for month end expired insurance for the policy purchased on Dec. 1. It is paid monthly.

1. The ending balance of supplies was $12000.

1. Ahearn estimated that 11% of Accounts Receivable would not be collected.

1. Income tax was calculated at 30%.