Problem 1 (16 points) Prepare the December 31, 2016 adjustng entries (without ex

Question

Problem 1 (16 points) Prepare the December 31, 2016 adjustng entries (without explanation) associated with the following economic a. At the end of the year RMc has s3,000 of fees that have been earned but have not been blled to clients, b. The balance in RMC's supplies account on the unadusted trial balance at the end of the year is $3,000, if the supples on hand at the end of the year totaled $1.600, what is the entry to adust the supplies account on December c coolschool pays weekly salaries of S6,000 on Friday for five-day workweek ending on that day. The accounting period ends on Thursday. Problem 2 (8 points) Carolina industries, Inc. has the folowing transactions during September 2016. Prepare the appropriate journal entries to record these transactions (omit dates and explanatons) a Received $400 payment from customers on acoount. b. Paid $1,400 rent

Explanation / Answer

Problem 1 (a) as no bill is issued so there is no entry to book Income (b) Finished goods A/c Dr. 1400 To Supplies 1400 (c) Salary a/c Dr. 6000 To cash/ bank A/c 6000 Problem 2 (a) Cash/Bank A/c Dr.. $400 To Account Aceivable $400 (b) Rent A/c Dr... $1400 To Cash/Bank $1400

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