These are all separate questions, please answer each of them individually.

Question 1: Landmark Realty Co. pays weekly salaries of $15,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Thursday.

Indicate debits and credits.

Question 2: The estimated amount of depreciation on equipment for the current year is $7,648. Journalize the adjusting entry to record the depreciation.

Indicate debits and credits.

Question 3: For the year ending December 31, 2019, Schein Medical Co. mistakenly omitted adjusting entries for (1) $7,200 of unearned revenue that was earned, (2) earned revenue of $18,500that was not billed, and (3) accrued wages of $3,200. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and(c) net income for the year ended December 31, 2019.

Answer rating: 100% (QA)

1 Journal for the end on Thursday Account Debit Credit Salaries ex... View the full answer