Colossal Realty Co. pays weekly salaries of $29,100 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Thursday.
Answer to relevant QuestionsFor the year ended December 31, 2015, Balboa Services Co. mistakenly omitted adjusting entries for (1) $1,520 of supplies that were used, (2) unearned revenue of $12,200 that was earned, and (3) insurance of $6,000 that ...At the end of January, the first month of the business year, the accountant omitted the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account. Because of the error, which items ...Ash Realty Co. pays weekly salaries of $3,700 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends (a) On ...Scene Productions Inc. set up its operations on December 15 of the current year and chose a December 31 year-end for ease in future years. Prepare the required journal entries and adjusting entries for the following ...The unadjusted and adjusted trial balances for McWay Services Co. on December 31, 2015, are shown below. a. Journalize the five entries that adjusted the accounts at December 31, 2015. None of the accounts was affected by ...
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