Sweeney amp associates a large marketing firm adjusts its

Reference no: EM13587527

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 "tiny_mce_markerquot; sign in your response.)

Reference no: EM13587527

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