D Question 24 12 pts Prepare the necessary December 31st adjusting journal entries for Brown Corporation, given the following information: 1. Brown pays its employees weekly on Fridays. This year, December 31st falls on a Thursday and Brown's employees earn $2,000 each day. 2. Brown's books show a supplies balance on December 31 of $6,000. A year-end physical count of supplies on December 31 shows a balance of $3,900. 3. On August 1, Brown purchased a 12-month insurance policy for $4,800. 4. Brown negotiated a one-year long-term deal with a local university center. Brown is charging the university $300 per month for its delivery services. On June 1st, the university prepaid Brown for the full upcoming year (through May of the next year), paying Brown $3,600. On June 1st, Brown recognized Unearned Revenue of $3,600. Edit Format Table 12pt
D Question 24 12 pts Prepare the necessary December 31st adjusting journal entries for Brown Corporation, given the following information: 1. Brown pays its employees weekly on Fridays. This year, December 31st falls on a Thursday and Brown's employees earn $2,000 each day. 2. Brown's books show a supplies balance on December 31 of $6,000. A year-end physical count of supplies on December 31 shows a balance of $3,900. 3. On August 1, Brown purchased a 12-month insurance policy for $4,800. 4. Brown negotiated a one-year long-term deal with a local university center. Brown is charging the university $300 per month for its delivery services. On June 1st, the university prepaid Brown for the full upcoming year (through May of the next year), paying Brown $3,600. On June 1st, Brown recognized Unearned Revenue of $3,600. Edit Format Table 12pt
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 24
12 pts
Prepare the necessary December 31st adjusting journal entries for Brown Corporation, given the following information:
1. Brown pays its employees weekly on Fridays. This year, December 31st falls on a Thursday and Brown's employees earn $2,000
each day.
2. Brown's books show a supplies balance on December 31 of $6,000. A year-end physical count of supplies on December 31
shows a balance of $3,900.
3. On August 1, Brown purchased a 12-month insurance policy for $4,800.
4. Brown negotiated a one-year long-term deal with a local university center. Brown is charging the university $300 per month for
its delivery services. On June 1st, the university prepaid Brown for the full upcoming year (through May of the next year), paying
Brown $3,600. On June 1st, Brown recognized Unearned Revenue of $3,600.
Edit Format Table
12pt
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