RECOMMENDED!!ACC 300-The following information relates to the Wallstrom Company
The following information relates to the Wallstrom Company at the end of 2017. The accounting period is the calendar year.1.Employees are paid every Friday for the five-day week ending on that day. Salaries amount to $4,000 per week. The accounting period ends on a Tuesday.2.A note for $5,000 was received from a customer in a sales transaction on April 1, 2017. The note matures in one year and bears 8% interest.?3.On September 1, 2017, Wallstrom borrowed $10,000 cash by signing a note payable due in one year at 6% interest.Prepare adjusting entries at December 31,2017 for each one
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