For the week ended December 31, 2019, Viking Trivia Company sales employees earned $37,000 in commissions that will be paid in the next payroll on January 11, 2020.
Viking Trivia Company Chart of Account Titles (selected):
Assets: Prepaid Rent, Prepaid Advertising. Prepaid Insurance, Office Supplies, Inventory,
Liabilities: Interest Payable, Utilities Payable, Commissions Payable, Unearned Rent
Revenues: Rent Revenue, Interest Revenue
Expenses: Office Supplies Expense, Commissions Expense, Utilities Expense, Insurance Expense, Advertising Expense, Depreciation Expense, Interest Expense, Rent Expense
Review the following items and make the necessary
For the week ended December 31, 2019, Viking Trivia Company sales employees earned $37,000 in commissions that will be paid in the next payroll on January 11, 2020.
Debit Account: Debit Amount:
Credit Account: Credit Amount:
When Company is following Accrual method of Accounting , then any expenses if incurred will recorded in the books irrespective of the fact that same has been paid or not. The Adjustment entry is passed to record the expenses
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