Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prospect realty co. pays weekly salaries of $9,570

Prospect Realty Co. pays weekly salaries of $9,570 on Monday for a six-day workweek ending...

50.1K

Verified Solution

Question

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

A vehicle purchased for 27500 depreciates at a constant rate of 5 Determine the approximate...

Biology
1.2K views

Check the 2 correct answers T helical round cork screwed shaped hexagonal eicosahedral

Basic Math
1.2K views

The following data come from the inventory records of Albrecht Company Click the icon to...

Statistics
1.2K views

stem of inequalities linear inequalities 8 6 B C 4 A 7z 14y 0 8...

Calculus
1.2K views

Find the prime factorization of the following number 42 The prime factorization of 42 is

Calculus
1.2K views

The graphs of two functions f and g are given below 2 7 3 1...

Accounting
1.2K views

What steps would you take to audit the case below? The...

Accounting
1.2K views

Pepper Department store allocates its service department expenses to its various operating (sales) departments. The...

Accounting
1.2K views

A truck that cost $105,000 and on which $50,000 of accumulated depreciation has been recorded...

Accounting
1.2K views

HW CH 11 6 Saved Help Save & Exit Sbmit Check my work 2 Barbour...

Finance
1.2K views

Your company currently has $1,000 par, 6.25% coupon bonds with 10 years to maturity and...

Accounting
1.2K views

Your employer is a social media company. Which situation does not illustrate potential noncompliance with...