The following are selected unadjusted account balances as at December 31, the year end of Joseph's...

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The following are selected unadjusted account balances as at December 31, the year end of Joseph's Law Firm: Accounts receivable $50,600 Prepaid insurance Salaries payable Service revenue Insurance expense 12,600 -0- 456,000 8,200 Service revenue Insurance expense 456,000 8,200 Time left 1:02:49 Salaries expense 115,000 INFORMATION FOR ADJUSTING ENTRY Additional information obtained from a review of the law firm's records show salaries are paid monthly on the 15th of each month. The salaries earned by employees from December 16 to 31 total $5,000. The company paid employees $4,200 of the amount earned on the last payday. Required Prepare the December 31 adjusting entry required for this item provided above. Prepare the reversing entry required for January 1. The following are selected unadjusted account balances as at December 31, the year end of Joseph's Law Firm: Accounts receivable $50,600 Prepaid insurance Salaries payable Service revenue Insurance expense 12,600 -0- 456,000 8,200 Service revenue Insurance expense 456,000 8,200 Time left 1:02:49 Salaries expense 115,000 INFORMATION FOR ADJUSTING ENTRY Additional information obtained from a review of the law firm's records show salaries are paid monthly on the 15th of each month. The salaries earned by employees from December 16 to 31 total $5,000. The company paid employees $4,200 of the amount earned on the last payday. Required Prepare the December 31 adjusting entry required for this item provided above. Prepare the reversing entry required for January 1.

Answer rating: 100% (QA)

1 To record the adjusting entry for salaries earned but not yet ... View the full answer