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Salaries are usually paid on fridays 500 the month ended on

Assignment

Prepare the Statement of Owner's Equity for the Summertime Corporation, year ended 12/31/2012, using the following information:

Beginning Capital $10,000
Change in Net Income 5,000
Additional Investments 2,000
Withdrawals 1,000

Prepare the adjusting entries for the following transactions:

1. Salaries are usually paid on Fridays, $500. The month ended on Wednesday though. Prepare the accrual on Wednesday and the needed adjustment on Friday.

2. The supply closet started with $1,000 but a count revealed only $100 was left at month end.

3. Prepaid insurance was $300 for three months, January 1st, prepare the necessary adjustment at 1/31/2013.

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Accounting Basics: Salaries are usually paid on fridays 500 the month ended on

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Accounting Basics: Salaries are usually paid on fridays 500 the month ended on

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