Reference no: EM132602407
Question 1) On December 31, Cartier Company had performed $8,000 of management services for clients that had not yet been billed to the clients. Prepare adjusting entry to record these fees.
Question 2) Noble Company has 50 employees who are each paid $200 per day for a 5-day workweek. The employees are paid their wages every Friday. This year the accounting period ends on Tuesday. Prepare the December 31, 2020 adjusting journal entry.
Question 3) Journey's End purchased store equipment on July 6, 2020 for $80,000. The store equipment has an estimated useful life of 5 years and a residual value at the end of its life of $5,000. Prepare the December 31, 2020 year-end adjusting entry.
Question 4) During the year ended December 31, 2020, clients paid fees in advance for legal services amounting to $5,000. These fees were recorded in an account called Unearned Legal Fees. If $3,000 of these fees are still unearned on December 31, 2020, what is the required December 31, 2020 adjusting entry?
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