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Ski Master Company pays weekly salaries of $3,100 on Friday for a five-day week ending on that day. Required: Joumalize the necessary adjusting entry at
Ski Master Company pays weekly salaries of $3,100 on Friday for a five-day week ending on that day. Required: Joumalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wodnesday. Refer to the Chart of Accounts for exact wording of account titles. General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Building 17 Accumulated Depreciation-Office Building LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Salaries Payable 25 Interest Payable REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Salaries Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Joumalize the necessary adfusting entry on December 31 , assuming that the period ends on Wednesday. Fotor to the Chart of Accounts for exact wording of account titles
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