3. Prepare the required entries for the following transactions: (a) TigerPaw Company pays daily wages of $645 (Monday - Friday). Paydays are every other Friday. Prepare the Monday, January 31 adjusting entry assuming that the last payday was Friday, January 21. (b) Prepare the journal entry to record the TigerPaw payroll on Friday, February 4. (c) Annual depreciation expense on the company's fixed assets is $39,600. Prepare the adjusting entry to recognize depreciation for the month of January (d) The company's Office Supplies account shows a debit balance of $3,755. A count of office supplies on hand on January 31 shows $635 worth of supplies on hand. Prepare the January 31 adjusting entry for Office Supplies.

3. Prepare the required entries for the following transactions: (a) TigerPaw Company pays daily wages of $645 (Monday - Friday). Paydays are every other Friday. Prepare the Monday, January 31 adjusting entry assuming that the last payday was Friday, January 21. (b) Prepare the journal entry to record the TigerPaw payroll on Friday, February 4. (c) Annual depreciation expense on the company's fixed assets is $39,600. Prepare the adjusting entry to recognize depreciation for the month of January (d) The company's Office Supplies account shows a debit balance of $3,755. A count of office supplies on hand on January 31 shows $635 worth of supplies on hand. Prepare the January 31 adjusting entry for Office Supplies.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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