Reference no: EM132974255
Prepare the adjusting journal entries for Tag Company at December 31, 2015. Use the correct journal entry format.
Question 1. The company's weekly payroll is $8,750, paid each Friday for a 5 day work week (Mon - Fri). Assume 12/31/15 falls on a Monday, but employees will not be paid until Friday, Jan. 4, 2016. Prepare the required adjusting entry at 2/31/15.
Question 2. The company purchased equipment on January 1, 2015 for $20,000. It has no salvage value and a useful life of 5 years. Prepare the required adjusting entry at 12/31/15.
Question 3. Customers paid the company $117,000 on October 1, 2015 for work to be completed over the next 6 months. Assume the work is earned evenly over the 6 months. Prepare the required adjusting entry at12/31/15.
Question 4. On August 1, 2015, the company purchased an 18-month insurance policy for $18,000. Prepare the required adjusting entry at 12/31/15.
Question 5. On December 1, 2015, the company completed $7,000 worth of services that they had not invoiced the customer for. Prepare the required adjusting entry at 12/31/15.
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