Question: Penny's Pool Service & Supply, Inc. (PPSS), is completing the accounting process for the year just ended, December 31 of the current year. The transactions

Penny's Pool Service & Supply, Inc. (PPSS), is completing the accounting process for the year just ended, December 31 of the current year. The transactions during the year have been journalized and posted. The following data with respect to adjusting entries are available:

a. PPSS owed $7,500 in wages to the office receptionist and three assistants for working the last 10 days in December. The employees will be paid in January of next year.

b. On October 1 of the current year, PPSS received $24,000 from customers who prepaid pool cleaning service for one year beginning on November 1 of the current year.

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