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1-North Slope Realty Co. pays weekly salaries of $7,900 on Friday for a five-day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends (a) on Wednesday, (b) on Thursday? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.

A= $4,700

 

1- what is the name of the balance sheet liability account that is increased?

2-what is the name of the income statement expense account that is increased?    

 

B= $6,320

 

1-what is the name of the balance sheet liability account that is increased? 2- what is the name of the income statement expense account that is increased?                

 

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------The estimated amount of depreciation on equipment for the current year is $41,700.

 

• a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.

 

 

1- what is the name of the balance sheet asset account that is increased?  

2- what is the name of the income statement expense account that is increased?                  

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Status NEW Posted 06 Jun 2017 06:06 AM My Price 15.00

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