Prepare the year-end adjusting journal entries at December 31. 1 answer below »
We're the ideal place for homework help. If you are looking for affordable, custom-written, high-quality and non-plagiarized papers, your student life just became easier with us. Click either of the buttons below to place your order.
Order a Similar Paper
Order a Different Paper
Marathon Magazine, Inc., has the following account balances, among others, in its trial balance at December 31 of the current year:
Debits
Credits
Supplies on Hand
$3,720
Prepaid Rent
7,200
Unearned Subscription Fees
$15,000
Subscriptions Revenue
261,000
Salaries Expense
123,000
The inventory of supplies on hand at December 31 amounts to USD 720.
The balance in the Prepaid Rent account is for a one-year period starting October 1 of the
current year.
One-third of the USD 15,000 balance in Unearned Subscription Fees has been earned. Since the last payday, the employees of the company have earned additional salaries in the amount of USD 5,430.
a. Prepare the year-end adjusting journal entries at December 31.
b. Open ledger accounts for each of the accounts involved, enter the balances as shown in the trial balance, post the adjusting journal entries, and calculate year-end balances.
Do you need academic writing help? Our quality writers are here 24/7, every day of the year, ready to support you! Instantly chat with a customer support representative in the chat on the bottom right corner, send us a WhatsApp message or click either of the buttons below to submit your paper instructions to the writing team.
Order a Similar Paper
Order a Different Paper
