RLGA01H3 Lecture 3: Week 3 - Anthropological Study of Religon
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Accrual adjusting entries.
The following information relates to the Wallstrom Company at theend of 2017. The accounting period is the calendar year.
1. | Employees are paid every Friday for the five-day week ending onthat day. Salaries amount to $4,000 per week. The accounting periodends on a Tuesday. | |
2. | A note for $5,000 was received from a customer in a salestransaction on April 1, 2017. The note matures in one year andbears 8% interest. | |
3. | On September 1, 2017, Wallstrom borrowed $10,000 cash bysigning a note payable due in one year at 6% interest. |
Instructions
Using the information given above, prepare the necessary adjustingentries at December 31, 2017.