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1) Laughter Landscaping has given independent cases at ending of the year on December 31, 2014.

a) Every Friday, Laughter pays employees for present week’s work. Amount of weekly payroll is $7,000 for 5-day workweek. This year December 31 falls on Wednesday.

b) Details of Prepaid insurance are given in account:
Prepaid insurance
Jan 1, $4,500

Laughter prepays the full year’s insurance each year on January 1. Record insurance expense for year ended December 31.

c) Beginning balance of Supplies was= $4,000. In the year, Laughter bought supplies for= $5,200, and at December 31 supplies on hand total= $2,400. Laughter designed landscape plan, and client paid Laughter $7,000 at start of project.

d) Laughter recorded this amount as unearned service revenue. Job will take numerous months to complete, and Laughter evaluates that company has earned= 60% of total revenue in present year.

e) Depreciation for present year includes Equipment, $3,700; and Trucks, $1,300.
Make a compound entry.

Requirements:

Journalize adjusting entry required on December 31, 2014, for each of preceding items affecting Laughter Landscaping.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M914979

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