1. Martinez Company’s weekly payroll, paid on Fridays, totals $7,540. Employees work a 5-day week. Prepare...

1. Martinez Company’s weekly payroll, paid on Fridays, totals $7,540. Employees work a 5-day week. Prepare Martinez’s adjusting entry on Wednesday, December 31, and the journal entry to record the $7,540 cash payment on Friday, January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

2. On July 1, 2020, Indigo Co. pays $10,480 to Sweet Insurance Co. for a 2-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Sweet Insurance Co. Sweet uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Expert Solution

1
		Debit	Credit
December 31	Salaries and Wages Expense	4524		=7540*3/5
	Salaries and Wages Payable		4524

January 2	Salaries and Wages Payable	4524
	Salaries and Wages Expense	3016		=7540*2/5
	Cash		7540

2
		Debit	Credit
July 1	Cash	10480
	Unearned Service Revenue		10480

December 31	Unearned Service Revenue	2620		=10480*6/24
	Service Revenue		2620

ekkarill92 answered 1 year ago

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1. Martinez Company’s weekly payroll, paid on Fridays, totals $7,540. Employees work a 5-day week. Prepare...

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