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Question: 1. Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $4,500 ($1,500/month).

(1) Record the rental for Commodores on November 1.

(2) Record the adjusting entry on December 31.

(3) Calculate the year-end adjusted balances of the Unearned Revenue and Service Revenue accounts (assuming the balance of Unearned Revenue at the beginning of the year is $0).

2. Fighting Irish Incorporated pays its employees $4,200 every two weeks ($300/ day). The current two-week pay period ends on December 28, 2012, and employees are paid $4,200. The next two-week pay period ends on January 11, 2013, and employees are paid $4,200.

(1) Record the adjusting entry on December 31, 2012.

(2) Record the payment of salaries on January 11, 2013.

(3) Calculate the 2012 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2012 is $0).

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M92328433

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