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FINAL 1. ADJUSTING JOURNAL ENTRIES J&J Magic Carpet Cleaners- Trial Balance December 31, 2015 Dr...

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Accounting

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FINAL 1. ADJUSTING JOURNAL ENTRIES J&J Magic Carpet Cleaners- Trial Balance December 31, 2015 Dr Cash Cr Accounts Receivable 33,000 Supplies Prepaid Insurance Equipment Notes Payable Advances 7,000 1,200 8,000 10,000 4,000 20,000 Common Stock Dividends Fees Earned Salaries Expense Auto Expenses 600 56,800 12,000 2,000 92,800 92,800 Totals Complete the adjusting journal entries for above company at December 31, 2015 based on the information provided below: 1. An inventory count of supplies shows $2,000 of unused supplies on hand on December 31 2. The prepaid insurance policy is a two year policy 3. The above notes payable was signed December 1and is payable in full in one year. The principal amount of $10,000 plus accrued interest of 9% is all payable on the date the note is due. 4. As of December 31, 25% of the advances has been performed. 5. On December 31, the company found a revenue item of $1,000 that had not been booked, billed or collected. 6. Salaries were last paid on December 24th, the next payment will not occur until January 7. Assume there were 4 work days remaining in December. The total payroll per 5-day work week is $10,000

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