Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer the whole question. Refer to the following Hawkeye Ranges. As of December 31, 2017, employees had earned $855 of unpaid and unrecorded salaries.
Please answer the whole question.
Refer to the following Hawkeye Ranges.
- As of December 31, 2017, employees had earned $855 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,522 of salaries will be paid.
- The cost of supplies still available at December 31, 2017, is $2,575.
- The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31, 2017, is $1,375. The next interest payment, at an amount of $1,650, is due on January 15, 2018.
- Analysis of the unearned member fees account shows $5,342 remaining unearned at December 31, 2017.
- In addition to the member fees included in the revenue account balance, the company has earned another $8,601 in unrecorded fees that will be collected on January 31, 2018. The company is also expected to collect $8,000 on that same day for new fees earned in January 2018.
- Depreciation expense for the year is $12,142.
Required: 1. Complete the six-column table by entering adjustments that reflect the above information.
2. Prepare journal entries for the adjustments entered in the six-column table for part 1.
3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals.
4. Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.)
Journal entry worksheet As of December 31, 2017, employees had earned $855 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,522 of salaries will be paid Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet As of December 31, 2017, employees had earned $855 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,522 of salaries will be paid Note: Enter debits before credits. Date General Journal Debit Credit Jan 04, 2018 Record entry Clear entry View general journalStep 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