Lakia Rowell employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) Rowell adjusts her books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July—Friday is August 1. If the student earns $100 per day, what adjusting entry must Rowell make on July 31 to correctly record accrued salaries expense for July?
Answer to relevant Questionsa. Fortune Co. receives $30,000 cash in advance for four months of legal services on October 1, 2011, and records it by debiting Cash and crediting Unearned Revenue, both for $30,000. It is now December 31, 2011, and Fortune ...Compute Darrah Company’s current ratio using the following information. The following three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to ...Compute the current ratio in each of the following separate cases (round the ratio to two decimals). Identify the company case with the strongest liquidity position. (These cases represent competing companies in the same ...The adjusted trial balance of Maytagg Repairs on December 31, 2011, follows. Required 1. Prepare an income statement and a statement of retained earnings for the year 2011, and a classified balance sheet as of December 31, ...
Post your question