Question
Prepare year end adjusting entries for these situations. 1. Accrued interest on notes payable is $80. 2. Income taxes incurred but not paid or recordered
Prepare year end adjusting entries for these situations.
1. Accrued interest on notes payable is $80.
2. Income taxes incurred but not paid or recordered total to $1,000.
3. Legal fees of $5000 were received in advanced. By the end of the year, 80% of the fees were earned.
4. Services totaling $1,000 have been completed but not recorded or billed.
5. Payroll for the work week (five days) to be paid on Friday is $10,000. The year ends on a Wednesday.
6. Supplies available for use during the year total to $3,400. By the end of the year, there is only$1,700 in supplies remaining.
7. Depreciation for the year total to $3,000.
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