X company completed its first year of operations on dec 31, Ask an Expert

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X Company completed it's first year of operations on Dec 31, 2011. All of the 2011 entires have been recorded except for the following:

a. @ year end, employees earned wages of $7000, which will be paid on the next payroll date, January 6, 2012.
b. @ year end, company had earned interest revenue of $2,000. The cash will be collected March 1, 2012.

Questions:

1. What is the annual reporting period for this company?
2. Identify whether each transaction results in adjusting a deffered or and accrued account. Give the required adjusting entry for transactions a and Include dates and write a breif description of each entry.
3. Why are these adjustments made?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9978282

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