Question

Designer Architects had the following additional information at its November 30, 2017 year-end: a. The Unearned Revenue account showed a balance of $75,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2017 b. The payroll register showed the following unpaid amounts as at November 30: El Premium 210.41** Income Taxes* 1,420.00 CPP 313.98** Total Deductions 1,944,39 Net Payable 4,955 61 Office Salaries 3,800.00 Sales Salaries 3,100.00 *These values are based on assumed payroll deductions. **The employer's portions of El and CPP are 1.4 times and 1 times the employees' portion respectively, c. The November utility bill in the amount of $3,460.00 was unpaid and unrecorded at November 30. Required: Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 Record the earned portion of unearned revenue. Note: Enter debits before credits. General Journal Debit Credit Date Nov 30, 2017 Record entry Clear entry View general journal

Answer 1

Answer
	Particular	Debit	Credit
a	Unearned revenue ($75000*1.5/4)	$ 28,125.00
	Service revenue		$    28,125.00
	( To record revenue earned )
b	Office salaries expense	$   3,800.00
	Sales salaries expense	$   3,100.00
	Income tax payable		$      1,420.00
	EI premium payable		$         210.41
	CPP payable		$         313.98
	Salaries payable		$      4,955.61
	( To record salaries & taxes )
c	Payroll expense	$      748.00
	EI premium payable ($310*1.4)		$         434.00
	CPP payable		$         314.00
	( To record payroll expenses )
d	Utilities expense	$   3,460.00
	Accounts payable		$      3,460.00
	( To record utilities exps. Payable )

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