Recording Adjusting Entries
Ramos Company complete d its first year of operations on December 31. 2011 . All of the 2011 entries have been recorded except for the following :
a.At year-end. employees earned wage s of $7.000 . which will be paid on the next payroll date. January 6. 2012.
b.At year-end. the company had earned interest revenue of $2.000. The cash will be collected March 1. 2012
Required:
1. What is the annual reporting period for this company?
2. Identify whether each transaction result s in adjusting a deferred or an accrued account. Using the process illustrated in the chapter, give the required adjusting entry for transactions (a)and (b).Include appropriate dates and write a brief explanation of each entry.
3. Why are these adjustments made?
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