Homework: Week 3-Chapter 03 problems Sa Score: 0 of 1 pt 1 of 5 (0 complete) HW
ID: 2392770 • Letter: H
Question
Homework: Week 3-Chapter 03 problems Sa Score: 0 of 1 pt 1 of 5 (0 complete) HW Score: 0%, 0 of 5 P3-33A (similar to) Question Help Laughter Landscaping has collected the following data for the December 31 adjusting entries: (Click the icon to view the independent cases.) Read the requirements Requirement 1. Journalize the adjusting entry needed on December 31 for each of the items affecting Laughter Landscaping. Assume Laughter records adjusting entries only at the end of the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $8,000 for a five-day workweek. This year December 31 falls on a Tuesday. Laughter will pay its employees on January 3 Date Accounts and Explanation Debit Credit Dec. 31Explanation / Answer
Required 1
interest payable
(to accrue interest expense)
Required 2
Date account titles and explanation debit credit a Salaries expense (8000/5*2) 3200 Dec 31 Salaries payable 3200 (to accrue Salaries expense) b insurance expense Dec. 31 Prepaid insurance (5500/2) 2750 (to record insurance expense) 2750 c supplies expense (4100+5600-2200) 7500 Dec.31 office supplies 7500 (to record office supplies used) d unearned revenue (9000*70%) 6300 Dec. 31 Service Revenue 6300 To record service revenue that was collected in advance e accounts receivable 6000 Dec. 31 Service Revenue 6000000 (to accrue service revenue) f depreciation expenditure on equipment Dec. 31 Depreciation expenditure on trucks Accumulated depreciation on equipment Accumulated depreciation on trucks (to record depreciation on equipment and trucks) g interest expense 300 Dec.31interest payable
(to accrue interest expense)
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