ACCOUNTING PROCESS ASSIGNMENT: P ART #2 Page 10 of 11 At December 31, 2017, the

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ACCOUNTING PROCESS ASSIGNMENT: P ART #2 Page 10 of 11 At December 31, 2017, the payroll clerk determined that Ninatori Fashion Supply Corp. owed its employees for their work since the end of the last biweekly pay period on December 15, 2017 through December 31, 2017. The clerk calculated the total amount of salaries due at December 31, 2017 to be: 12. Sales Department Personnel Administrative Staff $57,900 95,400 $153.300 Total Ninatori Fashion Supply Corp. will pay these salaries to the employees on the next scheduled pay date which is Friday, January 5, 2018. Prepare the necessary adjusting entry at December 31, 2017 to properly recognize amounts relating to employee salaries under GAAP AJE #12 DATE ACCOUNT NAMES DEBIT CREDIT 13. Ninatori Fashion Supply Corp. pays its sales people a commission of 3.0% of the revenue earned from sales to their customers of certain products. The company pays the commissions to the sales people on a quarterly basis. Commission checks are distributed to the sales people on the 15th of the month following the end of the quarter. Ninatori Fashion Supply Corp. reported quarterly revenue earned from sales of products qualifying for the commission for the year ended December 31, 2017 as: First Quarter Second Quarter Third Quarter Fourth Quarter $3,580,000 3,740,000 3,940,000 2016 Annual Total $15,640.000 Ninatori Fashion Supply Corp. properly paid and recorded the commissions for the first three quarters of 2017 and will pay the fourth quarter commissions on January 15, 2018 Prepare the necessary adjusting entry at December 31, 2017 to properly recognize amounts relating to the sales commissions under GAAP AJE#13 DATE ACCOUNT NAMES DEBIT CREDIT Supporting Calculation:

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Date Account Description Debit Credit 31-Dec Sales Salary Expesnes $        57,900 Administrative Salary Expesnes $        95,400 Salary Payable $ 153,300

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