On December 31, the end of the year, the accountant for Fireside Magazine was called away suddenly because of an emergency. However, before leaving, the accountant jotted down a few notes pertaining to the adjustments. Journalize the necessary adjusting entries. Assume that Fireside Magazine uses the periodic inventory system.
a–b. A physical count of inventory revealed a balance of $199,830. The Merchandise Inventory account shows a balance of $202,839.
c. Subscriptions received in advance amounting to $156,200 were recorded as Unearned Subscriptions. At year-end, $103,120 has been earned.
d. Depreciation of equipment for the year is $12,300.
e. The amount of expired insurance for the year is $1,612.
f. The balance of Prepaid Rent is $2,400, representing four months’ rent. Three months’ rent has expired.
g. Three days’ salaries will be unpaid at the end of the year; total weekly (five days’) salaries are $4,000.
h. As of December 31, the balance of the supplies account is $1,800. A physical inventory of the supplies was taken, with an amount of $920 determined to be on hand.
Financial And Managerial Accounting
Managerial Accounting: The Cornerstone of Business Decision-Making
Intermediate Accounting: Reporting And Analysis
Financial Accounting
College Accounting, Chapters 1-27
Accounting Information Systems
Corporate Financial Accounting
Financial & Managerial Accounting
Principles of Microeconomics (MindTap Course List)
Accounting Information Systems
Essentials of Business Communication (MindTap Course List)
Foundations of Business (MindTap Course List)
Contemporary Marketing
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Brief Principles of Macroeconomics (MindTap Course List)
Management, Loose-Leaf Version
Principles of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
MKTG 12:STUDENT ED.-TEXT
Fundamentals of Financial Management (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Financial Accounting
Financial & Managerial Accounting
Accounting (Text Only)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Fundamentals of Financial Management (MindTap Course List)
Statistics for Business & Economics, Revised (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Pkg Acc Infor Systems MS VISIO CD
Exploring Economics
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Survey of Accounting (Accounting I)
Corporate Financial Accounting
Economics For Today
Microeconomics
Practical Management Science
Cornerstones of Cost Management (Cornerstones Series)
Macroeconomics
Purchasing and Supply Chain Management
Economics (MindTap Course List)
Managerial Accounting
Cornerstones of Financial Accounting
MACROECONOMICS FOR TODAY
Understanding Management (MindTap Course List)
Micro Economics For Today
Macroeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)