Question: Write the adjusted journal entry a)Visa receives a utility bill every four weeks for the previous four weeks. On October 16, 2020, Visa receives a

Write the adjusted journal entry

a)Visa receives a utility bill every four weeks for the previous four weeks. On October 16, 2020, Visa receives a bill of $2 million covering the last two weeks of fiscal 2020 and the first two weeks of fiscal 2021. Assuming that utilities are used evenly over the period, what adjusting journal entry should Visa make on September 30, 2020 related to this future utility bill?

Account Titles

Debit

Credit

b)At the end of fiscal 2020, Visa owed employees $821 million related to work completed (but not yet paid) during fiscal 2020. What adjusting journal entry should Visa make on September 30, 2020 related to these wages owed to employees?

Account Titles

Debit

Credit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Visa, Inc. describes itself as follows in its first footnote: "a global payments technology company that facilitates global commerce and money movement across more than 200 countries and territories....

Use the following information to provide the adjusting journal entry that Visa, Inc. should have made at the end of its fiscal year on Sept. 30, 2020. Assume that Visa makes adjusting entries once a...

Solve H-K Visa, Inc. describes itself as follows in its first footnote: "a global payments technology company that facilitates global commerce and money movement across more than 200 countries and...

Insert Design Layout References Malings Review View Table Design Layout Times New Ro.. 11 A-A- obe X B Problem (38) VISA Visa, Inc. describes inelf as follows in its first feecaster global payments...

i would like the answer/solution to the last page only (h-k) CHIS MEXICE Problem (30 points) Chipotle Mexican Grill, Inc in its first footnote describes itself as: "restaurants which feature a...

d) On September 1, 2020, Visa sold Visa gift cards for $6 million through different retail stores and made the following journal entry: Dr. Cash Cr. Unearned Revenue 6 million 6 million Visa had no...

Problem (30 points) Chipotle Mexican Grill, Inc in its first footnote describes itself as: restaurants which feature a relevant menu of burritos, burrito bowls (a burrito without the tortilla),...

MEXICANA Chipotle Mexican Grill, Inc in its first footnote describes itself as: "restaurants which feature a relevant menu of burritos, burrito bowls (a burrito without the tortilla), tacos, and...

one very long question please try to keep same format as question thank you soo much CHIS Chipotle Mexican Grill, Inc in its first footnote describes itself as: "restaurants which feature a relevant...

GRILL Chipotle Mexican Grill, Inc in its first footnote describes itself as: "restaurants which feature a relevant menu of burritos, burrito bowls (a burrito without the fortilla), tacos, and salads....

You are the president and founder of Gold Strike Inc., a mining company that acquires land and mines gold. The success of your company is largely dependent on finding large deposits of gold. To do...

Q4. Write the predicate logic for the following statement: a) Not all human will survive both earthquake and tsunami b) No human likes a coward animal c) The Artificial Intelligence best score is...

firm repurchases shares and later sold the shares above their acquisition price. the sale _ _ _ retained earnings and _ _ _ additional paid in capital

Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up...