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Q-2) Give adjusting entries of the following transactions on Dec 31: a) On July 1, the firm sign a contract with a city planning department for $60,000 to design a City House

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Q-2) Give adjusting entries of the following transactions on Dec 31:

a) On July 1, the firm sign a contract with a city planning department for $60,000 to design a City House. The design work will be done in equal monthly installments in one year. The City pays the full amount in advance on July 01.

b) On Oct 1, the firm pays the insurance premium on its fleet of cars for the next six months. The monthly premium run $300.

c) On December.1 The ABC company hired the labors on daily wages in December but the labors will be paid in January. The amount of Wages is 12,000 per labor.

d) The XYZ Company pays the early dues of its 20 employees to the Company. The yearly dues per employees are $100.

e) The East Company pays salaries on the 15 of every month. The Salaries amount to $1,000 each month.