The following information is available for the ysar-ended December 31, 2022 for Sport Court Resurfacing (SCRI Corporation:On April 1, 2022 signed a bank loan for $10,600 with interest and principal repayable in one-yar. The interest rate on theloan is 4%.1.2. SCR pays its amployses $30,300 every other Friday which refiects a 2-week pay pariod or 10 woriking days (Monday toFriday cach wesk. Dscember 31, 2022 falls an a Monday so employaes will not get paid for the work they complated on thisday until January 11, 2023. The total amount af salaries paid on January 11, 2023 was $30,300.3.Estimatad income tax payabla for the year end is $7,070 which is payabla January 31, 2023.4.Utility expenses of $490 for the month of December were unrecordsd and unpaid. They are due January 21, 2023.SCR provided tennis courtresurfacing to alocal tennis club. At the and of the year the club owed SCR $15,800. SCR billed theclub on January 2, 2023 and collacted the full amount on January 10, 2023.5.Prepare the adjusting antries required on December 31, assuming SCRrecords adjusting antris annually. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journalentries in the order presented in the problem.)Date Account Titles and ExplanationDebitCreditDec.31Dec.31Dec.31Dec.31Dec.31Prepare the subsequent entry for each accrual as follows: (1) collection of the $15,800 on January 10, 2023; (2) payment ofsalaries on January 11, 2023; (3) payment of utility expenses on January 21, 2023; (4) payment of income tax on January 31,2023; and (5) repayment of bank loan on March 31, 2023. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. List all debit entries before credit entries.)DateAccount Titles and ExplanationDebitCredit>>

The adjustment entries are prepared to adjust the revenue and expenses of the current period.

The following information is available for the year-ended Decembar 31, 2022 for Sport Court Resurfacing (SCR) Corporation: On April 1. 2022 signed a bank loan for $10.600 with interest and principal repayable in one-yaar. The intersst rate on the 1. loan is 4%. SCR pays its amployees $30,300 avery other Friday which reflacts a 2-week pay period or 10 workcing days (Monday to Friday cach week. Dacember 31, 2022 falls on a Monday so employses will nat get paid for the work they complated on this day until January 11, 2023. The totalamount of salaries paid on January 11, 2023 was $30,300. 2. 3. Estimated income tax payabla for the year end is $7,070 which is payabla January 31, 2023. 4. Utility oxpenses of $490 for the month of December were unracorded and ungpaid. Thay are due January 21, 2023. SCR provided tannis court resurfacing to a local tennis club. At the end of the year the club owed SCR$15,800. SCR billed the club on January 2, 2023 and collected the full amount on January 10, 2023. 5.

The following information is available for the year-ended Decembar 31, 2022 for Sport Court Resurfacing (SCR) Corporation: On April 1. 2022 signed a bank loan for $10.600 with interest and principal repayable in one-yaar. The intersst rate on the 1. loan is 4%. SCR pays its amployees $30,300 avery other Friday which reflacts a 2-week pay period or 10 workcing days (Monday to Friday cach week. Dacember 31, 2022 falls on a Monday so employses will nat get paid for the work they complated on this day until January 11, 2023. The totalamount of salaries paid on January 11, 2023 was $30,300. 2. 3. Estimated income tax payabla for the year end is $7,070 which is payabla January 31, 2023. 4. Utility oxpenses of $490 for the month of December were unracorded and ungpaid. Thay are due January 21, 2023. SCR provided tannis court resurfacing to a local tennis club. At the end of the year the club owed SCR$15,800. SCR billed the club on January 2, 2023 and collected the full amount on January 10, 2023. 5.

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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