A. Business receives $3,200 on Jan 1 for 10-month service contract for the period Jan 1 through Oct 31 B. total salaries for all employees is $3,600 per month. employees are paid on the 1st and 15th of the month C. Work performed but not yet billed to customers for the month is $1,600 D. the company pays interest on its $16,000, 4% note payable of $53 on the first day of each month Assue the company records adjusting enteries monthly. journalize the adjusting entries needed as of Jan 31

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A. Business receives $3,200 on Jan 1 for 10-month service contract for the period Jan 1 through Oct 31

B. total salaries for all employees is $3,600 per month. employees are paid on the 1st and 15th of the month

C. Work performed but not yet billed to customers for the month is $1,600

D. the company pays interest on its $16,000, 4% note payable of $53 on the first day of each month

Assue the company records adjusting enteries monthly. journalize the adjusting entries needed as of Jan 31

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