For each of the following scenarios, assume a December 31, 2023 year end and (a)...
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For each of the following scenarios, assume a December 31, 2023 year end and (a) determine the type of adjustment, (b) compute the amount of the adjustment, and (c) record the adjusting entry in journal entry format. 1. On September 1 of this year, the Company purchased a one-year insurance policy for $1,800. Compute the amount of expired insurance for the year. a. b. C. Date 1. 2. 3. Description Date 2. The Company has a five-day workweek that begins on Monday. The last week of the year begins on Sunday, December 27. The weekly payroll totaled $56,000, compute the amount of accrued wages for the year. Debit Description Credit Debit Credit
For each of the following scenarios, assume a December 31,2023 year end and (a) determine the type of adjustment, (b) compute the amount of the adjustment, and (c) record the adjusting entry in journal entry format. 1. On September 1 of this year, the Company purchased a one-year insurance policy for $1,800. Compute the amount of expired insurance for the year. a. b. 2. The Company has a five-day workweek that begins on Monday. The last week of the year begins on Sunday, December 27 . The weekly payroll totaled $56,000, compute the amount of accrued wages for the year. 1. 2
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