178. Journalize in a two column journal the adjusting entries required at December 31, 2008. Omit explanations. 1. Fees accrued but unbilled are $4,500.2. The supplies account balance on December 31 is $5,250. The supplies on hand are $1,015.3. Wages accrued but not paid are $3,500.4. Depreciation of office equipment is $2,200.5. Rent expired during year, $7,800.
Date
Description
Post Ref
Debit
Credit
179. Prepare the following adjustments in good journal entry format.
(a)
The beginning balance of the Supplies account was $245. During the month the company bought additional supplies in the amount of $735. At the end of the month a physical inventory showed $343 of unused supplies.
(b)
The company has a Note Payable in the amount of $17,000 at an APR of 12%. The note will be paid at the end of 6 months. The interest expense for the month needs to be recorded.
(c)
There are two employees at the North Park Store. One is a manager that gets paid on the 15th of every month for his work during the first part of the month and on the 1st of the following month for the second part of the month. His monthly salary is $3,500. The other employee is an administrative assistant who gets a week pay of $650. The last day of the month fell on Thursday.
(d)
The unearned revenue account shows a balance of $46,000. According to the manager 75% of that amount has been earned.
(e)
At the end of the month $5,700 of services had been performed but not yet billed.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more