Assume the company does not use reversing entries

Assignment Help Financial Accounting

Reference no: EM133375222

Questions: ConeZone Company pays salaries of $20,000 every Monday for the preceding 5-day week (Monday through Friday).Assume December 31 falls on a Wednesday, so ConeZone's employes have worked three days without being paid. In addition, ConeZone has earned$3,500 of revenue on account that has not yet been recorded.

Assume the company does not use reversing entries. Prepare the December 31 adjusting entry for salaries and the entry on Monday, January 5, when ConeZone pays the payroll.
Assume the company does use reversing entries. Prepare the December 31 adjusting entry for salaries, the January 1reversing entry, and the entry on Monday, January 5, when ConeZone pays the payroll.
Assume the company does not use reversing entries. Prepare the December 31 adjusting entry for service revenue,and the entry on Tuesday, January 6, when ConeZone receives the cash.
Assume the company does use reversing entries. Prepare the December 31 adjusting entry for service revenue, theJanuary 1 reversing entry, and the entry on Tuesday, January 6, when ConeZone receives the cash.

Reference no: EM133375222

Questions Cloud

Is ai, in your opinion, a danger to art : Is AI, in your opinion, a danger to art? Provide one reason why you think yes or why you think no.

Do you tend to use the same communication methods : To what extent do you focus on getting the word out, rather than seeking staff buy-in? Do you tend to use the same communication methods,

Deliver the graduates message on behalf : Deliver the Graduates message on behalf of your House/Batch. Develop a speech of commencement for your Completion Rites

What ways does the press release to trust or not to trust : In what ways does the press release "To trust or not to trust? Selective trust in kids is more complex than it looks" misrepresent.

Assume the company does not use reversing entries : Assume the company does not use reversing entries. Prepare the December 31 adjusting entry for salaries and the entry on Monday, January 5, when ConeZone pays

Do you agree more with gandhi or malcom : Do you agree more with Gandhi or Malcom X's approach to social injustice?What context do you need to provide? What background information does your reader need

Public administration on performance management : Identify a case study related to a legal issue facing human resource management in public administration on Performance Management.

How are some of the tenets for idea and 504 different : How are some of the tenets for IDEA and 504 different? How are some tenets for IDEA and 504 similar?

What was red total share of net income for 2021 : Each partner withdrew $1,500 for personal use every month during 2020 and 2021 What was Red's total share of net income for 2021?

User Account

All Pages