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QUESTION 17 3. Neat Clothes is now preparing quarterly financial statements for the three months ended June 30. What is the pay period ends on F adjustin 32 QUESTION 18 16 QUESTION 19
32,400 QUESTION 19 Mamas Pizza Shoppe borrowed $8,000 at 9% interest on May 1, 2018, with year ends June 30, 2018. What adjusting entry is necessary on June 30, 2018 principal and interest due on October 31, 2019. The companys fiscal 240 120 120 O No entry QUESTION 20 Temporary accounts would not include: O Saiaries payable. Cost of goods sold. Supplies expense.
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Answer #1
17) Salaries expense (32000*2/5) 12800
Salaries payable 12800
Note:
All the options are wrong. The payment of 32000 is for 5 days, which means
32000/5 = 6400 per day. So liability should be accrued for 2 days--June 29-Monday
and June 30-Tuesday. Hence, accrual should be 6400*2 = 12800.
18) Deferred subscriptions revenue (600*81*4/12) 16200
Subscriptions revenue 16200
19) Interest expense (8000*9%*2/12) 120
Interest payable 120
20) Salaries payable
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