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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Page
General Journal
Account Titles & Explanation
Date
Ref.
Debits
Credits
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education