Monroe Pool Supply provides pool supply and maintenance services to its clients. The company's fiscal year...

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Monroe Pool Supply provides pool supply and maintenance services to its clients. The company's fiscal year end is December 31st. Monroe's accountant was recording year end adjusting entries and gathered the following information for the adjustments: • On December 7th a new customer paid Monroe $1,600 in advance for services to be provided during the following eight weeks. As of December 31st the company had provided three weeks' service to the new customer. • Monroe pays its cleaning crews every Friday for a five day work week. Payroll is $12,000 per week. Last pay date was Friday, December 27th December 315t this year falls on a Tuesday. • The balance in Pool Supplies was $2,900 on December 1st, purchases during the month were $7,600 and an audit showed supplies on hand totaling $3,500 as of December 31st. • On April 1st of the current year Monroe paid $9,600 for a one year business insurance policy. Monroe's ledger includes the following accounts: Supplies, Prepaid Insurance, Wages Payable, Unearned Revenues, Pool Revenues, Wages Expense, Supplies Expense, Insurance Expense. Instructions: Journalize the necessary adjusting entries as of December 31st in the space below. Assume no adjustments were made prior to December 31st. Skip a line between entries, use correct account names and make sure the entries are in the proper form Monroe Pool Supply provides pool supply and maintenance services to its clients. The company's fiscal year end is December 31st. Monroe's accountant was recording year end adjusting entries and gathered the following information for the adjustments: • On December 7th a new customer paid Monroe $1,600 in advance for services to be provided during the following eight weeks. As of December 31st the company had provided three weeks' service to the new customer. • Monroe pays its cleaning crews every Friday for a five day work week. Payroll is $12,000 per week. Last pay date was Friday, December 27th December 315t this year falls on a Tuesday. • The balance in Pool Supplies was $2,900 on December 1st, purchases during the month were $7,600 and an audit showed supplies on hand totaling $3,500 as of December 31st. • On April 1st of the current year Monroe paid $9,600 for a one year business insurance policy. Monroe's ledger includes the following accounts: Supplies, Prepaid Insurance, Wages Payable, Unearned Revenues, Pool Revenues, Wages Expense, Supplies Expense, Insurance Expense. Instructions: Journalize the necessary adjusting entries as of December 31st in the space below. Assume no adjustments were made prior to December 31st. Skip a line between entries, use correct account names and make sure the entries are in the proper form

Answer rating: 100% (QA)

Date General Journal Debit Credit Dec 31 Unearned revenues 1600 x 38 600 Pool revenues 600 To rec... View the full answer