Prospect Realty Co. pays weekly salaries of $9,570 on Monday for a six-day workweek ending...
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Accounting
Prospect Realty Co. pays weekly salaries of $9,570 on Monday for a six-day workweek ending the preceding Saturday.
Journalize the necessaryadjusting entryat the end of the accounting period, assuming that the period ends on Friday. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.
CHART OF ACCOUNTSProspect Realty Co.General Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Supplies
14
Prepaid Insurance
15
Land
16
Equipment
17
Accumulated Depreciation-Equipment
LIABILITIES
21
Accounts Payable
22
Unearned Fees
23
Salaries Payable
24
Taxes Payable
EQUITY
31
Common Stock
32
Retained Earnings
33
Dividends
REVENUE
41
Fees Earned
EXPENSES
51
Advertising Expense
52
Insurance Expense
53
Rent Expense
54
Salaries Expense
55
Supplies Expense
56
Utilities Expense
57
Depreciation Expense
59
Miscellaneous Expense
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