a. During the year 20X1, Aeryn Company had net credit sales of $1,010,000. Past experience shows that 0.5 percent of the firm's net credit sales result in uncollectible accounts. b. Equipment purchased by Moloney Consultancy for $25,520 on January 2,20X1, has an estimated useful life of 8 years and an estimated salvage value of $1,200. What adjustment for depreciation should be recorded on the firm's worksheet for the year ended December 31, 20X1? c. On December 31, 20X1, Fasano Music Studio owed wages of $5,100 to its employees, who are paid weekly. d. On December 31, 20X1, Fasano Music Studio owed the employer's social security (6.2 percent) and Medicare (1.45 percent) taxes on the entire $5,100 of accrued wages for its employees. e. On December 31, 20X1, Fasano Music Studio owed federal ( 0.6 percent) and state (5.4 percent) unemployment taxes on the entire $5,100 of accrued wages for its employees. For each of the above independent situations, prepare the adjusting entries that must be made on the December 31, 20X1, worksheet. Note: Round your answers to 2 decimal places. Journal entry worksheet Record an adjusting entry for uncollectible accounts. Note: Enter debits before credits
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