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165 for each of the following journalize the adjusting entry on january 31st a the c 4297112

 

165. For each of the following, journalize the adjusting entry on January 31st.

(a)

The company incurs a Payroll Payable of $450.00 per weekday of operations. The Mondays of January are the 3rd, the 10th, the 17th, the 24th, and the 31st. Paydays are every other Friday with paydays of January 7th & 21st and February 4th for the two weeks ending that date. The Friday, January 21st payday is complete and paid with no continuing forward payroll liability. Write the adjusting entry for January 31st in the space below:

 

 

(b)

The company pays payroll obligations on February 4th. No reversing entries have been made. Record the payroll obligations of February and write the journal entry to pay payroll on February 4th in the space below:

 

 

(c)

The company has fixed assets that scheduled depreciation is $45,000 annually. Write the adjusting entry to recognize the monthly depreciation for January in the space below:

 

 

(d)

The company’s Office Supplies account shows a debit balance of $2,625.00. An inspection of the office supplies locker on January 31st reveals only $965.00 worth of supplies. Write the adjusting entry for Office Supplies in the space below:

 

 

166. On December 15th NetSolutions contacts an independent contractor to help with a project. The contractor completes the project on December 29th and submits an invoice for $2,750.00 which requires payment on January 15th.
(a)  Write all of the journal entries necessary for this series of events.
(b)  Explain, briefly, why you wrote this/these journal entries. 

 

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