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For each of the following, journalize the necessary adjusting entry: (a)  A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that

For each of the following, journalize the necessary adjusting entry: (a)  A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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For each of the following, journalize the necessary adjusting entry:

(a)  A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that

(2) What is the amount of tax expense for July? (d) The estimated depreciation on equipment for the year is $32,000.
Transcribed Image Text:(2) What is the amount of tax expense for July? (d) The estimated depreciation on equipment for the year is $32,000.
(1) The fiscal period ends on Tuesday. (2) Assume the same facts except that the fiscal period ends on Wednesday. (b) The balance in the prepaid insurance account before adjustment at the end of the year is $18,000. Journalize the adjusting entry required under each of the following alternatives: (1) The amount of insurance expired during the year is $5,300. (2) Assume the same facts except that the amount of unexpired insurance applicable to a future period is $2,700. (c) On July 1 of the current year, a business pays $54,000 to the city for license taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocated to July is $4.800. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. License Property Tax
Transcribed Image Text:(1) The fiscal period ends on Tuesday. (2) Assume the same facts except that the fiscal period ends on Wednesday. (b) The balance in the prepaid insurance account before adjustment at the end of the year is $18,000. Journalize the adjusting entry required under each of the following alternatives: (1) The amount of insurance expired during the year is $5,300. (2) Assume the same facts except that the amount of unexpired insurance applicable to a future period is $2,700. (c) On July 1 of the current year, a business pays $54,000 to the city for license taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocated to July is $4.800. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. License Property Tax
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