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You are preparing the year end adjusting entries for a business. The year end for the business is September 30. 1. Employees work for $2,900
You are preparing the year end adjusting entries for a business. The year end for the business is September 30. 1. Employees work for $2,900 per five-day work week. They were last paid on Friday, September 24 (Monday to Friday pay period) and will next be paid in two weeks on Friday, October 8. 2. The equipment was purchased at a $121,000 cost on May 1 earlier this year and is expected to have an 8-year useful life. 3. The business lent $60,800 to a customer on March 30 of the current year. The customer signed a 4%, 11-month note with accrued interest and loan principal due on maturity. The note will be collected on February 28 of next year. 4. A September 30 physical count indicated that $2,900 of supplies remained on hand. Supplies had a September 30 balance of $11,300 in the unadjusted trial balance. Instructions: Fill in the following dollar amounts: 4. When the adjusting entry is prepared for supplies, how much expense is recognized? (whole number without comma): Part B: Payment of payroll and collection of note (whole numbers without commas, e.g. 10000) 5. When payroll is next paid, on October 8, how much expense is recognized and how much cash is paid to the employees 6. When the note is collected, on Feb. 28, how much revenue is recognized and how much cash is received upon collection of the
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