Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Part 2 December Adjustments: The current portion of the new mortgage due is $650,000. Please make the appropriate entries. During the last pay period of
Part 2 December Adjustments:
- The current portion of the new mortgage due is $650,000. Please make the appropriate entries.
- 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 4th record the entries for December.
- Unearned revenue was earned by year-end.
- Record the entry for month end expired insurance for the policy purchased on Dec. 1. It is paid monthly.
- The ending balance of supplies was $12000.
- Ahearn estimated that 11% of Accounts Receivable would not be collected.
- Income tax was calculated at 30%.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started