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Essay Details:
Essay text:
GuCo
had 19X5 sales of $500,000, but paid only $21,000 in commissions.
How much does GuCo accrue in commissions on December 31?
Mastering Adjusting Entries
20
SOLUTION 1: To compute: $500,000 sales for 19X5 x 5% = $25,000
commissions payable in 19X5. $25,000 payable – $21,000 actually
paid = $4,000 accrued commissions. The adjusting journal entry is:
Commissions Expense 4,000
Commissions Payable 4,000
To accrue 19X5 commissions
PROBLEM 2: On December 31, SuCo receives a $740 phone bill that
it will pay the following month. What entry does SuCo record on December
31?
SOLUTION 2: On December 31, SuCo records the following adjusting
entry:
Telephone Expense 740
Telephone Payable 740
To accrue telephone expense
PROBLEM 3: RaCo pays employees weekly on Friday...
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