Question
The following information relates to the Sandhill Company at the end of 2020. The accounting period is the calendar year. 1. Employees are paid every
The following information relates to the Sandhill Company at the end of 2020. The accounting period is the calendar year. 1. Employees are paid every Friday for the five-day week ending on that day. Salaries amount to $4,000 per week. The accounting period ends on a Tuesday. 2. 3. A note for $5,400 was received from a customer in a sales transaction on April 1, 2020. The note matures in one year and bears 4% interest. On September 1, 2020, Sandhill borrowed $11,100 cash by signing a note payable due in one year at 8% interest. Using the information given above, prepare the necessary adjusting entries at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. Debit Credit 2. 3
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