Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Sep 2017 My Price 9.00

Pruitt Company

Adjusting Entries The following are several transactions of the Pruitt Company that occurred during the current year and were recorded in real (that is, balance sheet) accounts unless indicated otherwise:

The following information also is available:

1. On January 1, the Office Supplies account had a $250 balance. On December 31, an inventory count showed $190 of office supplies on hand.

2. The weekly (five-day) payroll of Pruitt Company amounts to $2,000. All employees are paid at the close of business each Wednesday. A two-day accrual is required for the current year.

3. Sales personnel travel cost reports indicate that $490 of advances had been used to pay travel expenses.

4. The income tax rate is 30% on current income and is payable in the first quarter of next year. The pretax income before the adjusting entries is $8,655.

Required

On the basis of the above information, prepare journal entries to record whatever adjustments are necessary to bring the accounts up to date on December 31. Each journal entry explanation should show any related computations.

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Sep 2017 02:09 PM My Price 9.00

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