Question
Sarasota Wolf Company has the following balances in selected accounts on December 31, 2024. Sarasota has a calendar year end. Accounts Receivable Accumulated Depreciation-Equipment
Sarasota Wolf Company has the following balances in selected accounts on December 31, 2024. Sarasota has a calendar year end. Accounts Receivable Accumulated Depreciation-Equipment 0 Equipment 5,820 Interest Payable 0 Notes Payable 10,500 Prepaid Insurance 1,884 Salaries Payable 0 Supplies 2,360 Unearned Revenue 30,000 All the accounts have normal balances. The information below has been gathered at December 31. 2024. 1. 2 3. 4. Sarasota Wolf Company borrowed $10,500 by signing a 4%, one-year note on September 1. 2024. A count of supplies on December 31, 2024, indicates that supplies of $1.000 are on hand. Depreciation on the equipment for 2024 is $970. Sarasota Wolf Company paid $1,884 for 12 months of insurance coverage on June 1, 2024. 5. On December 1, 2024, Sarasota Wolf collected $27,400 for consulting services to be performed evenly from December 1, 2024, through March 31, 2025. 6. 7. Sarasota Wolf performed consulting services for a client in December 2024. The client will be billed $3,500. Payment from the customer is expected on January 14, 2025. rise Sarasota Wolf Company pays its employees total salaries of $10,100 every Wednesday for the preceding five-day week (Monday through Friday). Assume January 5 is a Wednesday. On Wednesday, January 5, 2025, employees were paid for the last five weekdays of 2024. (b) Prepare the appropriate subsequent cash entries if applicable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest whole dollar, e.g. 5,275. List all debit entries before credit entries.) Date Account Titles and Explanation Dec. 31 C Cash Debit
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