Zoey Bella Corp. has a payroll of $7,960 for a five-day workweek. Its employees are paid each Friday for the five-day workweek.Required: Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTSZoey Bella Corp.General Ledger ASSETS11Cash12Accounts Receivable13Supplies14Prepaid Insurance16Office Building17Accumulated Depreciation-Office Building LIABILITIES21Accounts Payable22Notes Payable23Unearned Fees24Wages Payable25Interest Payable EQUITY31Common Stock32Retained Earnings33Dividends REVENUE41Fees Earned EXPENSES51Advertising Expense52Insurance Expense53Interest Expense54Wages Expense55Supplies Expense56Utilities Expense57Depreciation Expense59Miscellaneous Expense General Journal Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1 JOURNALACCOUNTING EQUATION DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2

INTRODUCTION: The accounting equation depicts the connection between assets, liabilities, and…

Answered: Zoey Bella Corp. has a payroll of…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 5PB: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...

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Zoey Bella Corp. has a payroll of $7,960 for a five-day workweek. Its employees are paid each Friday for the five-day workweek.

Required:

Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

CHART OF ACCOUNTS

Zoey Bella Corp.

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
16	Office Building
17	Accumulated Depreciation-Office Building

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Fees
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
59	Miscellaneous Expense

General Journal

Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2

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