Exam 3: Adjusting Accounts for Financial Statements

If accrued salaries were recorded on December 31 with a credit to Salaries Payable,the entry to record payment of these wages on the following January 5 would include:

Accumulated depreciation,accounts receivable,and service fees earned would be sorted to which respective columns in completing a work sheet?

Listed below are a number of accounts.Use the table below to classify each account.Indicate whether it is a temporary or permanent account,whether it is included in the income statement or balance sheet,and if it is closed at the end of the accounting period and,if so,how it is closed.The first one is done as an example.

Throughout an accounting period,the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees.What is the end-of-period adjusting entry to record the portion of those fees that have been earned?