Question 1. Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer).
The company borrowed $20,000 on a 9% note on September 30, 2009.
Question 2. Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer).
Question 3: The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000. The current pay period ends on Friday, Jan 3. What is the adjusting entry to record accrued salaries at the end of December?
Question 4: Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer).
The supplies inventory on January 1, 2009 was $9,350. Supplies costing $18,150 were acquired during the year and charged to the supplies asset account. A count on December 31, 2009 indicated the supplies on hand of $6,810. Be sure and indicate what accounts you are debiting and crediting in your answer.
Question 5: Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer).
Amber Company purchased an annual insurance policy on June 1, 2009 for $12,000 and debited insurance expense account.