Reference no: EM132889263
Question - Credit Company had the following adjustments on December 31, 2020, the end of the accounting period. Please journalize the adjusting entry for each of the following activity.
a. Credit Company pays its employees a weekly (5 working days) salary each Friday. Salaries for each week total $20,000. December 31, the company's year-end, falls on a Thursday.
b. On October 1, 2020, Credit Company collected $12,000 in advance for a consulting contract, which is to be earned evenly over the next 12 months. The original entry debited cash and credited unearned revenue.
c. Credit Company had $600 supplies balance at beginning of 2020. In 2020 it purchased $650 supplies. At the end of year 2020, the ending balance of supplies was $750. ABC Company calculated the amount of supplies used during the year of 2020 and recorded one adjusting entry at year end.
d. Credit Company calculated depreciation for its equipment $5,000.
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