3-4 - Learning Objective 03-P1 f Wage expenses of $2,700 have been incurred but are not paid as of General Journal Debit Credit Wages Expense 2,700

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Page 4 of 14 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 6. award: 1 out of 1 point 7. award: 1 out of 1 point 8. award: 1 out of 1 point e. The Prepaid Insurance account had a $6,800 debit balance at December 31, 2009, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $6,160 of coverage had expired. General Journal Debit Credit Insurance Expense 6,160 Prepaid Insurance 6,160 Worksheet Learning Objective: 03-P1 e. The Prepaid Insurance account had a $6,800 debit balance at December 31, 2009, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $6,160 of coverage had expired. General Journal Debit Credit Insurance Expense 6,160 Prepaid Insurance 6,160 f. Wage expenses of $2,700 have been incurred but are not paid as of December 31, 2009. General Journal Debit Credit Wages Expense 2,700 Wages Payable 2,700 Worksheet
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Unformatted text preview: Learning Objective: 03-P1 f. Wage expenses of $2,700 have been incurred but are not paid as of December 31, 2009. General Journal Debit Credit Wages Expense 2,700 Wages Payable 2,700 Arton Management has five part-time employees, each of whom earns $165 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2009. The next week, the five employees worked only four days because New Year's Day was an unpaid holiday. Show (a) the adjusting entry that would be recorded on Monday, December 31, 2009, and (b) the journal entry that would be made to record payment of the employees' wages on Friday, January 4, 2010. (Omit the "$" sign in your response.) a. Adjusting entry 1: Date General Journal Debit Credit Dec. 31, 2008 Wages Expense 825 Wages Payable 825...
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This note was uploaded on 08/09/2010 for the course ACCT 1 taught by Professor Ludwig during the Spring '10 term at Los Angeles City College.

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