Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare Journals for the Following: a. A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the

image text in transcribedimage text in transcribed

Prepare Journals for the Following:

a. A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entries on December 31, assuming that the fiscal period ends (1) on Tuesday, (2) on Wednesday. Refer to the Chart of Accounts for exact wording of account titles.

b. The balance in the prepaid insurance account before adjustment at the end of the year is $18,000. Journalize the adjusting entries required on December 31 under each of the following alternatives: (1) the amount of insurance expired during the year is $5,300, (2) the amount of unexpired insurance applicable to a future period is $2,700. Refer to the Chart of Accounts for exact wording of account titles.

c1. On July 1 of the current year, a business pays $54,000 to the city for license taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocated to July is $4,800. Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. Refer to the Chart of Accounts for exact wording of account titles.

d. The estimated depreciation on equipment for the year is $32,000. Journalize the required entry on December 31. Refer to the Chart of Accounts for exact wording of account titles.

d. The estimated depreciation on equipment for the year is $32,000. Journalize the required entry on December 31 . Refer to the Chart of Accounts for exact wording of account titles. General Journal expired during the year is $5,300, (2) the amount of unexpired insurance applicable to a future period is $2,700. Refer to the Chart of Accounts for exact wording of account titles

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

love of humour, often as a device to lighten the occasion;

Answered: 1 week ago

Question

orderliness, patience and seeing a task through;

Answered: 1 week ago

Question

well defined status and roles (class distinctions);

Answered: 1 week ago