Answer: Please see explanation column for answer
Explanation:
1.Journal to record the necessary adjusting entry at the end of the fiscal period on Tuesday,
Account Debit Credit
Salaries expense $8,800
Salaries payable $8,800
Calculation for for a five-day week ending tuesday
22,000 x 2/5 = $8,800
2.Journal to record the necessary adjusting entry at the end of the fiscal period on wednesday
Account Debit Credit
Salaries expense $13,200
Salaries payable $13,200
Calculation for for a five-day week ending Wednesday
22,000 x 3/5 = $13,200
b1.Journal to record the amount of insurance expired during the year
Account Debit Credit
Insurance expense $5,300
Prepaid Insurance $5,300
b2Journal to record the amount of insurance expired during the year
Account Debit Credit
Insurance expense $15,300
Prepaid Insurance $15,300
Calculation: Insurance expired = balance - unexpired insurance = 18,000 - 2,700=$15,300
c1)Journal to record the licence taxes expired for the year
Account Debit Credit
License tax expense $4500
Prepaid tax $4500
Calculations= license tax per year = $54,000/12= $4500
c2)Journal to record the Property taxes allocable to july at $4,800
Account Debit Credit
Property tax expense $4800
Property tax payable $4800
d)Journal to record the estimated depreciation on equipment for the year at $32,000.
Account Debit Credit
depreciation expense $32,000
Accumulated depreciation $32,000
