Zoey Bella Corp. has a payroll of $7,960 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Required: Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Zoey Bella Corp. General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Building 17 Accumulated Depreciation-Office Building LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Wages Payable 25 Interest Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense General Journal Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION
Zoey Bella Corp. has a payroll of $7,960 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Required: Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Zoey Bella Corp. General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Building 17 Accumulated Depreciation-Office Building LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Wages Payable 25 Interest Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense General Journal Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 5PA: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...
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Zoey Bella Corp. has a payroll of $7,960 for a five-day workweek. Its employees are paid each Friday for the five-day workweek.
Required:
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Chart of Accounts
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General Journal
Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles.
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