Based on the information below, record the adjusting journal entries that must be made for June Kang Consulting Services on December 31, 2013. The company has a December 31 fiscal year-end. Use 18 as the page number for the general journal.
a.–b. Merchandise Inventory, before adjustment, has a balance of $9,000. The newly counted inventory balance is $10,500.
c. Unearned Seminar Fees has a balance of $10,000, representing prepayment by customers for four seminars to be conducted in December 2013 and January 2014. Three seminars had been conducted by December 31, 2013.
d. Prepaid Insurance has a balance of $12,000 for six months insurance paid in advance on October 1, 2013.
e. Store Equipment costing $5,000 was purchased on September 1, 2013. It has a salvage value of $500, and a useful life of five years.
f. Employees have earned $500 of wages not paid at December 31, 2013.
g. The employer owes the following taxes on wages not paid at December 31, 2013: SUTA, $15.00; FUTA, $4.00; Medicare, $7.25; and Social Security, $31.00.
h. Management estimates uncollectible accounts expense at 1.5% (0.015) of sales. This year’s sales were $3,000,000.
i. Prepaid Rent has a balance of $13,200 for six months rent paid in advance on October 1, 2013.
j. The Supplies account in the general ledger has a balance of $500. A count of supplies on hand at December 31, 2013, indicated $225 of supplies remain.
k. The company borrowed $8,000 on a two-month note payable dated December 1, 2013. The note bears interest at 6%
Analyze: After all adjusting entries have been journalized and posted, what is the balance of the Unearned Seminar Fees account?
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.