McKinsey & Co. is a consulting firm. The company's fiscal year end is October 31, 2019....

 

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McKinsey & Co. is a consulting firm. The company's fiscal year end is October 31, 2019. McKirsey's accountant is recording year end adjusting entries and has gathered the following information for the adjustments: · As of October 31 McKinsey had projects in progress for which it had 70 unbilled hours of consulting time. The firm's normal billing rate is $250/hour. McKinsey will complete these projects during November and December and will be paid upon completion. • The balance in Supplies was $9 400 as of November 1, 2018. Purchases of supplies during the year were $17.600 and an audit showed supplies on hand of $5.800 as of October 31, 2019. • McKinsey paid $6.600 for a one year business insurance policy on May 1, 2019. • McKinsey pays its employees every Friday for a five day. Monday-Friday, work week. The last pay date was Friday. October 25. The company's weekly payroll is $65.000. October 31t this year falls on a Thursday McKinsey's ledger includes the folilowing accounts: Accounts Receivable. Prepaid Insurance, Supplies, Salaries Payable. Consulting Revenue. Salaries Expense. Supplies Expense, Insurance Expense. Instructions: Journalize the necessary adiusting entries as of October 31 in the space below, Assume no adjustments were made prior to October 31", Use correct account names and make sure the entries are in the proper form Edit View Insert Format Tools Table 12ot v Paragraph v B McKinsey & Co. is a consulting firm. The company's fiscal year end is October 31, 2019. McKirsey's accountant is recording year end adjusting entries and has gathered the following information for the adjustments: · As of October 31 McKinsey had projects in progress for which it had 70 unbilled hours of consulting time. The firm's normal billing rate is $250/hour. McKinsey will complete these projects during November and December and will be paid upon completion. • The balance in Supplies was $9 400 as of November 1, 2018. Purchases of supplies during the year were $17.600 and an audit showed supplies on hand of $5.800 as of October 31, 2019. • McKinsey paid $6.600 for a one year business insurance policy on May 1, 2019. • McKinsey pays its employees every Friday for a five day. Monday-Friday, work week. The last pay date was Friday. October 25. The company's weekly payroll is $65.000. October 31t this year falls on a Thursday McKinsey's ledger includes the folilowing accounts: Accounts Receivable. Prepaid Insurance, Supplies, Salaries Payable. Consulting Revenue. Salaries Expense. Supplies Expense, Insurance Expense. Instructions: Journalize the necessary adiusting entries as of October 31 in the space below, Assume no adjustments were made prior to October 31", Use correct account names and make sure the entries are in the proper form Edit View Insert Format Tools Table 12ot v Paragraph v B

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