Select Page
  

1. Russell Corp has a payroll of $6,000 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Record the adjusting entry on December 31,2017 assuming the year ends on Thursday.2. There was a $1,750 balance in the supplies account at the beginning of the period. During the period, the supplies account was increased by $3,500 for supplies purchased. At the end of the period before adjustment, $350 of supplies was on hand. Journalize the necessary adjusting entry.3. At the end of the current year, $3,700 fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.4. The balance in the unearned fees account, before adjustment at the end of the year, is $10,250. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,125.5. The estimated amount of depreciation on equipment for the current year is $5,300. Journalize the adjusting entry to record the depreciation.