Feb 10th Q

Feb 10th Q - Feb 10th, 2011 SI Paper Please make sure to...

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Feb 10th, 2011 SI Paper Please make sure to sign the attendance sheets before you leave! 1. Prepare the year end adjusting entries for the following items: a. The long-term investment represents a loan to a key supplier for $42,000 made on July 1, 2007. The term of the loan was 5 years, the interest rate is fixed at 8% per annum, and interest is due annually on April 30. b. On July 1, 2008 Baron Corporation renewed a 48-month general liability insurance policy for $96,000. The premium was paid in full and debited to Insurance expense. c. Wages and salaries paid during the year totaled $412,500 and have been recorded. Wages and salaries for the two weeks ended December 31, 2008 amount to $8,250 and will be paid on Friday January 2, 2009. d. Purchases of office supplies during 2008 were debited to Supplies inventory bringing the Office Supplies account to a total of $89,350. A physical count and valuation of the supplies on hand at December 31, 2008 was $9,730. e.
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Feb 10th Q - Feb 10th, 2011 SI Paper Please make sure to...

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