Essay
Callison Company has an accounting fiscal year which ends on June 30. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred. 
The company also purchased a used car at the beginning of the month (June 1) for $6,000 cash. The car has a useful life of 5 years.
Instructions
a. Prepare any necessary adjusting journal entries that should be made at year end on June 30.
b. Prepare the journal entry to record the payment of the weekly payroll on July 2.
Correct Answer:
Verified
Correct Answer:
Verified
Q51: The adjusted trial balance of Amin Company
Q52: The straight-line method of depreciation will allocate
Q53: The revenue recognition criteria states that revenue
Q54: In general, the shorter the time period,
Q55: Jane Richards, CGA, has performed $2,000 of
Q57: For each situation, state the correct revenue
Q58: From an accounting standpoint, the acquisition of
Q59: Tantramar Construction has an October 31 year
Q60: To decrease an unearned revenue account, a
Q61: An adjusting entry will always debit an