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Prepare the adjusting journal entries for the year ended December 31, 2017, based on the following data
Prepare the adjusting journal entries for the year ended December 31, 2017, based on the following data. All items below are unrelated to each other - treat each separately.
a. A two-year rental agreement for office space cost $6,000; paid in full on October 31, 2017. Record the
adjusting accrual entry.
b. Salaries are paid on the 15th and 30/31st each month to employees. The last payday date was on December 24th, one week
before year end. Employees are paid $14,000 each pay day. Record the entry to accrue for salaries; we do to ensure financial statements include all $ value of services expensed as performed.
c. Opening Office Equipment of $10,000 on January 1st, 2017 is depreciated at 20%. Record depreciation.
Expert Solution
| Journal Entries: | |||
| Date | Account Titles | Debit | Credit |
| 31-Dec-17 | Unearned Rent Revenue (6000/24*2) | 500 | |
| Rent Revenue | 500 | ||
| 31-Dec-17 | Salaries Expense | 14000 | |
| Salaries Payable | 14000 | ||
| 31-Dec-17 | Depreciation Expense (10000*20%) | 2000 | |
| Accumulated Depreciation-Equipment | 2000 | ||
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