Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 13.00

Sweeney & Associates

Sweeney & Associates, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for the year ending December 31, 2011:

 

1.

A bank loan had been obtained on December 1. Accrued interest on the loan at December 31 amounts to $1,220. No interest expense has yet been recorded.
2.

Depreciation of the firm's office building is based on an estimated life of 25 years. The building was purchased in 2007 for $320,000.
3.

Accrued, but unbilled, revenue during December amounts to $58,000.
4.

On March 1, the firm paid $1,300 to renew a 12-month insurance policy. The entire amount was recorded as Prepaid Insurance.
5.

The firm received $14,000 from the King Biscuit Company in advance of developing a six-month marketing campaign. The entire amount was initially recorded as Unearned Revenue. At December 31, $3,000 had actually been earned by the firm.
6.

The company's policy is to pay its employees every Friday. Since December 31 fell on a Wednesday, there was an accrued liability for salaries amounting to $1,800.

 

a.

Record the necessary adjusting journal entries on December 31, 2011. (Do not round your intermediate calculations. Round your answers to the nearest whole dollar. Omit the "$" sign in your response.)

 

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 01:08 AM My Price 13.00

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