How to record the adjustment on a journal

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Reference no: EM13753012

How to record the adjustment on a journal: 1. Employee salaries in the amount of $55,000 were incurred for the year. Of that amount $50,000 had been paid in cash, the remainder was still owed to employees at the end of the year. Record the journal entry necessary at December 31, 2005 to account for both the paid and unpaid portion of salaries. 2. At December 31, the company had earned 35,000 in tax consulting revenue, but had not yet received payment from their customer. Record the adjustment necessary at December 31, 2005. 3. The building has a useful life of 25 years and no salvage value. The equipment has a useful of 10 years and has a $30,000 salvage value. Record the adjustments necessary at December 31, 2005 (record the entire year's depreciation for both the building and equipment.) 4. Taxes for the year totalled $35,000. The taxes will be paid next year. Record the adjustment.

Reference no: EM13753012

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