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E3-13 Adjustment for Accrued Salaries Obj. 3 Laguna Realty Co. pays...

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Accounting

E3-13 Adjustment for Accrued Salaries
Obj. 3
Laguna Realty Co. pays weekly salaries of $8,000 on Friday for a five-day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends (a) on Monday or (b) on Wednesday? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
E3-21 Adjustments for Unearned and Accrued Fees
Obj. 3
The balance in the unearned fees account, before adjustment at the end of the year, is $900,000. Of these fees, $775,000 have been earned. In addition, $289,500 of fees have been earned but not billed to clients. What are the adjustments (a) to adjust the unearned fees account and (b) to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
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