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Problem 2 Journalize the following transactions. No explanation is necessary. 1) Melville Services has a weekly payroll of $50,000. December 31, 2018 falls on Thursday

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Problem 2 Journalize the following transactions. No explanation is necessary. 1) Melville Services has a weekly payroll of $50,000. December 31, 2018 falls on Thursday and Melville will pay its employees the following Monday (January 4, 2019) for the previous full week. Assume that Melville has a five-day workweek and has an unadjusted balance in Salaries Expense of $845,000. Prepare the January 4, 2019 journal entry (ignore explanation). 2) A business hired a repair service to overhaul its plumbing system. The repair service began work on September 15 and completed it on October 15. The business agreed to pay the service $4,000 when the work was completed. As of September 30, the work was 50% complete, and the business made an adjusting entry to accrue repair expense as of the end of September. On October 15, the work was completed, and the repair service was paid in full. Provide the journal entry for the cash payment on October 15. (Ignore explanation). 3) Explore, a travel magazine, collected $500,000 in subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. Provide the journal entry for collection of cash in May. (Ignore explanation). Assume the magazine initially records a liability for the subscription revenue. 4) At Sea, a cruise industry magazine, collected $480,000 in subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual basis of accounting. Provide the adjusting entry needed on June 30. (Ignore explanation). Assume the magazine initially records a liability for the subscription revenue. 5) On April 1, Balsa, Inc. purchased office supplies for $1,500. At the end of April, they took a count of the remaining supplies and found that there was $500 of supplies left. Provide the adjusting entry needed at the end of April. (Ignore explanation). Assume the office supplies were initially recorded as an asset. Assume there were no office supplies on hand prior to the purchase on April 1

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