Question: Consider the following situations a Business receives 3 800 on January 1

Consider the following situations:
a. Business receives $3,800 on January 1 for 10-month service contract for the period January 1 through October 31.
b. Total salaries for all employees is $3,200 per month. Employees are paid on the 1st and 15th of the month.
c. Work performed but not yet billed to customers for the month is $1,000.
d. The company pays interest on its $15,000, 8% note payable of $100 on the first day of each month.
Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31.

View Solution:

Sale on SolutionInn
  • CreatedJune 12, 2015
  • Files Included
Post your question