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Prospect Realty Co. pays weekly salaries of $9,570 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessaryadjusting entryat the end of
Prospect Realty Co. pays weekly salaries of $9,570 on Monday for a six-day workweek ending the preceding Saturday.
Journalize the necessaryadjusting entryat the end of the accounting period, assuming that the period ends on Friday. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.
CHART OF ACCOUNTSProspect Realty Co.General Ledger
ASSETS | |
11 | Cash |
12 | Accounts Receivable |
13 | Supplies |
14 | Prepaid Insurance |
15 | Land |
16 | Equipment |
17 | Accumulated Depreciation-Equipment |
LIABILITIES | |
21 | Accounts Payable |
22 | Unearned Fees |
23 | Salaries Payable |
24 | Taxes Payable |
EQUITY | |
31 | Common Stock |
32 | Retained Earnings |
33 | Dividends |
REVENUE | |
41 | Fees Earned |
EXPENSES | |
51 | Advertising Expense |
52 | Insurance Expense |
53 | Rent Expense |
54 | Salaries Expense |
55 | Supplies Expense |
56 | Utilities Expense |
57 | Depreciation Expense |
59 | Miscellaneous Expense |
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