Employees of Lincoln Co. are paid $5,000 every 2 weeks.

Employees of Lincoln Co. are paid $5,000 every 2 weeks. If December 31 occurs at the end of the1st week of the pay period what journal entry is made? When the payment for the 2 weeks pay period actually happens January 7 what is the journal entry
2. An accountant operating under the accrual basis of accounting has the roof repaired but has not yet received a bill from the contractor. When the payment will be made by accountant, the entry to record this transaction will require:
a. a debit to accrued expenses payable.
b. a credit to accrued expenses payable.
c. a credit to roof repair revenue.
d. no entry is required until the bill is received.
3. Miller Co. pays $9,000 for Bancassurance for 36 months on January 1. What is the journal entry on January 1 and the adjusting entry at the END of the year when 24 months of the insurance is USED UP?
4. Alley received $100 from his contractor Langham for the services to be done on Nov 10 because Dave is not available these days. Alley provided the services to Dave’s lawn on Dec 10. Prepare the journal entries for Alley for both days.
5. John repaired Chris’s furniture for $30 on Feb 28. Chris didn’t have the money to pay John until March 11. What are the journal entries for John on Feb 28 and March 11?
6. Kevin’s business vehicles depreciated by $900 during the year. The journal entry to record depreciation on December 31 is solve all these questions separately.


  • Access to 2 Million+ Textbook solutions
  • Ask any question from 24/7 available



Get help from Accounting Tutors
Ask questions directly from Qualified Online Accounting Tutors.
Best for online homework assistance.