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Page General Journal Account Titles & Explanation Date Ref. Debits Credits a. Protonix Corp has a payroll of $6,000 for a five-day week. Its employees are paid each Friday for the five-day work week. The adjusting entry on December 31, 2015 assuming the year ends on Thursday would be: b. A one-year insurance policy was purchased on June 1, 2015 for $1,500. The adjusting entry on December 31, 2015 to include the cost of the December expiring insurance only, would be: c. Depreciation on Office Equipment is $3,300. The adjusting entry on December 31, 2015 would be: d. The Supplies account had a beginning balance of $1,750. Supplies purchased during the period totaled $3,500. At the end of the period before adjustment, $350 of supplies were on hand. Prepare the adjusting entry for supplies. e. The balance in the unearned fees account, before adjustment at the end of the year, is $10,250. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,125.

Page General Journal Account Titles & Explanation Date Ref. Debits Credits a. Protonix Corp has a payroll of $6,000 for a five-day week. Its employees are paid each Friday for the five-day work week. The adjusting entry on December 31, 2015 assuming the year ends on Thursday would be: b. A one-year insurance policy was purchased on June 1, 2015 for $1,500. The adjusting entry on December 31, 2015 to include the cost of the December expiring insurance only, would be: c. Depreciation on Office Equipment is $3,300. The adjusting entry on December 31, 2015 would be: d. The Supplies account had a beginning balance of $1,750. Supplies purchased during the period totaled $3,500. At the end of the period before adjustment, $350 of supplies were on hand. Prepare the adjusting entry for supplies. e. The balance in the unearned fees account, before adjustment at the end of the year, is $10,250. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,125.

FINANCIAL ACCOUNTING
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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Page General Journal Account Titles & Explanation Date Ref. Debits Credits
Transcribed Image Text:Page General Journal Account Titles & Explanation Date Ref. Debits Credits
a. Protonix Corp has a payroll of $6,000 for a five-day week. Its employees are paid each Friday for the five-day work week. The adjusting entry on December 31, 2015 assuming the year ends on Thursday would be: b. A one-year insurance policy was purchased on June 1, 2015 for $1,500. The adjusting entry on December 31, 2015 to include the cost of the December expiring insurance only, would be: c. Depreciation on Office Equipment is $3,300. The adjusting entry on December 31, 2015 would be: d. The Supplies account had a beginning balance of $1,750. Supplies purchased during the period totaled $3,500. At the end of the period before adjustment, $350 of supplies were on hand. Prepare the adjusting entry for supplies. e. The balance in the unearned fees account, before adjustment at the end of the year, is $10,250. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,125.
Transcribed Image Text:a. Protonix Corp has a payroll of $6,000 for a five-day week. Its employees are paid each Friday for the five-day work week. The adjusting entry on December 31, 2015 assuming the year ends on Thursday would be: b. A one-year insurance policy was purchased on June 1, 2015 for $1,500. The adjusting entry on December 31, 2015 to include the cost of the December expiring insurance only, would be: c. Depreciation on Office Equipment is $3,300. The adjusting entry on December 31, 2015 would be: d. The Supplies account had a beginning balance of $1,750. Supplies purchased during the period totaled $3,500. At the end of the period before adjustment, $350 of supplies were on hand. Prepare the adjusting entry for supplies. e. The balance in the unearned fees account, before adjustment at the end of the year, is $10,250. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,125.
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