9. The data below concerns adjustments to be made at the Conner Company. Record the adjusting...
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9. The data below concerns adjustments to be made at the Conner Company. Record the adjusting entries on a general journal as of December 31, 2016. On the same page, record the reversing entries as of January 1, 2017. Include descriptions. Adjustment data: a. On October 1, 2016, the firm paid rent of $6,000 in advance for a 6-month period. b. A total of $5,000 should be recorded as depreciation of equipment for 2016. C. On December 31, 2016, the firm owed salaries of $4,000 that will not be paid until January 2017. d. On December 31, 2016, the firm owed the employer's social security (6.2%) and Medicare (1.45%) taxes on all of the accrued salaries. Give more examples of accruals a company must be wary of. Explain how, when and in what industry each may happen. 9. The data below concerns adjustments to be made at the Conner Company. Record the adjusting entries on a general journal as of December 31, 2016. On the same page, record the reversing entries as of January 1, 2017. Include descriptions. Adjustment data: a. On October 1, 2016, the firm paid rent of $6,000 in advance for a 6-month period. b. A total of $5,000 should be recorded as depreciation of equipment for 2016. C. On December 31, 2016, the firm owed salaries of $4,000 that will not be paid until January 2017. d. On December 31, 2016, the firm owed the employer's social security (6.2%) and Medicare (1.45%) taxes on all of the accrued salaries. Give more examples of accruals a company must be wary of. Explain how, when and in what industry each may happen.
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9 SL No Date General Journal Debit Credit 3000 60006 months 3 months 3000 Dec 31 Rent expense a Prep... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
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