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Prepares annual financial statements

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Reference no: EM131815929

For each of the following situations, identify and analyze the adjustment to be recorded on December 31, 2014.

Palmer Industries prepares annual financial statements and adjusts its accounts, only at the end of the year. The following information is available for the year ended December 31, 2014.

1. Palmer rented some office space on November 1, 2014, at a rate of $2,700 per month. On that date, Palmer recorded Prepaid Rent for three months' rent paid in advance.

2. Palmer operates five days per week with an average daily payroll of $500. Palmer pays its employees every Thursday. December 31, 2014 is a Wednesday.

Reference no: EM131815929

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