Essay
The data below concerns adjustments to be made at the Conner Company. Record the adjusting entries on page 12 of a general journal as of December 31, 2019. On the same page of the general journal, record the reversing entries as of January 1, 2020. Include descriptions.
Adjustment data:
a)On October 1, 2019, the firm paid rent of $6,000 in advance for a 6-month period.
b)A total of $5,000 should be recorded as depreciation of equipment for 2019.
c)On December 31, 2019, the firm owed salaries of $4,000 that will not be paid until January 2020.
d)On December 31, 2019, the firm owed the employer's social security (6.2%)and Medicare (1.45%)taxes on all of the accrued salaries.
Correct Answer:
Verified
Correct Answer:
Verified
Q65: A firm had merchandise inventory of $76,000
Q66: On December 31, 2019, the Income Statement
Q67: Jeannine Coulson is the owner of a
Q68: Which of the following accounts will appear
Q69: Interest on notes payable would be listed
Q71: Which of the following accounts is not
Q72: The difference between net sales and the
Q73: For the current fiscal year, Purchases were
Q74: Gross profit on sales is calculated as<br>A)net
Q75: The adjusted trial balance data given below