Question 1.

Greens employees are paid in cash each Friday for that weeks work and the payment of the payroll is recorded in the accounting system. The last payday of March was on Friday March 26. The employees worked on Monday March 29th, Tuesday March 30th, and Wednesday March 31st. The employees earned a total of $1,200 for these last three days of March. In the General Journal below record the required March 31 adjusting journal entry.

Question 2

On March 1, 2017 Green Company purchased a new piece of equipment for $210,000 cash. On March 1 Green recorded the equipment purchase with a Debit to the Equipment account and a Credit to the Cash account. Green estimates that the equipment will last 7 years. Green also estimates that at the end of 7 years the equipment will have no future value and will be scrapped. Green uses the straight-line depreciation method. In the General Journal below record the required March 31, 2017 adjusting journal entry for Marchs depreciation of the equipment.