Laferty Legal Services has collected the following data for the December 31 adjusting entries: Requirement 1. Journalize the adjusting entry needed on December 31 for each of the items affecting Laferty Legal Services Landscaping. Assume Laferty Legal Services records adjusting entries only at the end of the year. (Record debits first, the credits. Select the explanation on the last line of the journal entry table.) a. Each Friday, Laferty Legal Services pays employees for the current week's work. The amount of the weekly payroll is $9,000 for a five-day workweek. This year, December 31 falls on a Tuesday. Laferty Legal Services will pay its employees on January 3. Date Dec. 31 me solve this Accounts and Explanation Debit Credit Independent Cases Requirements 1. Journalize the adjusting entry needed on December 31 for each of the items affecting Laferty Legal Services. Assume Laferty Legal Services records adjusting entries only at the end of the year. 2. Journalize the subsequent journal entries for adjusting entries a and g. - a. Each Friday, Laferty Legal Services pays employees for the current week's work. The amount of the weekly payroll is $9,000 for a five-day workweek. This year, December 31 falls on a Tuesday. Laferty Legal Services will pay its employees on January 3. b. On January 1 of the current year, Laferty Legal Services purchases an insurance policy that covers two years, $7,500. c. The beginning balance of Supplies was $3,800. During the year, Laferty Legal Services purchased supplies for $5,700, and at December 31 the supplies on hand total $1,100. d. During December, Laferty Legal Services provided legal services, and the client prepaid $8,000. Laferty Legal Services recorded this amount as Unearned Revenue. The job will take several months to complete, and Laferty Legal Services estimates that the company has earned 70% of the total revenue during the current year. e. At December 31, Laferty Legal Services had earned $2,500 for legal services completed for Make Me Move Appliances. Make Me Move Appliances has stated that it will pay Laferty Legal Services on January 10. f. Depreciation for the current year includes Equipment, $3,900; and Furniture, $1,500. g. Laferty Legal Services has incurred $900 of interest expense on a $1,150 interest payment due on January 15. Print Done er

Laferty Legal Services has collected the following data for the December 31 adjusting entries: Requirement 1. Journalize the adjusting entry needed on December 31 for each of the items affecting Laferty Legal Services Landscaping. Assume Laferty Legal Services records adjusting entries only at the end of the year. (Record debits first, the credits. Select the explanation on the last line of the journal entry table.) a. Each Friday, Laferty Legal Services pays employees for the current week's work. The amount of the weekly payroll is $9,000 for a five-day workweek. This year, December 31 falls on a Tuesday. Laferty Legal Services will pay its employees on January 3. Date Dec. 31 me solve this Accounts and Explanation Debit Credit Independent Cases Requirements 1. Journalize the adjusting entry needed on December 31 for each of the items affecting Laferty Legal Services. Assume Laferty Legal Services records adjusting entries only at the end of the year. 2. Journalize the subsequent journal entries for adjusting entries a and g. - a. Each Friday, Laferty Legal Services pays employees for the current week's work. The amount of the weekly payroll is $9,000 for a five-day workweek. This year, December 31 falls on a Tuesday. Laferty Legal Services will pay its employees on January 3. b. On January 1 of the current year, Laferty Legal Services purchases an insurance policy that covers two years, $7,500. c. The beginning balance of Supplies was $3,800. During the year, Laferty Legal Services purchased supplies for $5,700, and at December 31 the supplies on hand total $1,100. d. During December, Laferty Legal Services provided legal services, and the client prepaid $8,000. Laferty Legal Services recorded this amount as Unearned Revenue. The job will take several months to complete, and Laferty Legal Services estimates that the company has earned 70% of the total revenue during the current year. e. At December 31, Laferty Legal Services had earned $2,500 for legal services completed for Make Me Move Appliances. Make Me Move Appliances has stated that it will pay Laferty Legal Services on January 10. f. Depreciation for the current year includes Equipment, $3,900; and Furniture, $1,500. g. Laferty Legal Services has incurred $900 of interest expense on a $1,150 interest payment due on January 15. Print Done er

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter6: Work Sheet And Adjusting Entries For A Service Business

Section: Chapter Questions

Problem 1MP

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