Reference no: EM133132254
Question - Prepare general journal entries on December 31 to record the following unrelated year-end adjustments.
The company has ten office employees who each earn $100 per day for a five-day workweek that ends on Friday. The employees were paid on Friday, December 27, and have worked full days on Monday and Tuesday, December 30, 31.
On October 31, the company received 6 months' rent in advance from a tenant amount, $4,200.
The company collects rent monthly from its tenants. One tenant whose rent is $4,000 per month has not paid his rent for December.
Estimated straight line depreciation on office equipment costing $80,000, 10-year life, no residual value for the year, should be recorded.
The insurance expense account was debited for $3,680 during the year. An examination of insurance policies shows $1,350 of insurance expired.
Insurance paid during the year amounted to $2,400. An examination of insurance policies at year end shows $800 of unexpired insurance.
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