Chapter 2, Problem 2.22E

Use the following information to provide the adjusting journal entry that Chipotle should have made on December 31, 2020which was the end of the fiscal year 2020. Assume that Chipotle makes adjusting entries once a year at fiscal year end. At the end of fiscal year 2020, Chipotle owed employees $203 million related to work completed (but not yet paid) during fiscal year 2020. What adjusting journal entry should Chipotle make on December 31, 2020 related to these wages owed to employees? Account Title Debit Credit Salary expense 203   Salary payable   203 At the end of fiscal year 2020, Chipotle calculates that it has $105 million in sales on account that have not yet been received or recorded. What adjusting journal entry should Chipotle make on December 31, 2020 related to the sales on account?   Account Title Debit Credit Accounts receivable 105   Sales revenue   105       Chipotle receives a utility bill every four weeks…

At the end of the year, on December 31, 2019, the bookkeeper of Honey Company prepared an Unadjusted Trial Balance with corresponding adjustments at the end of the year. Complete the worksheet below.

The Piper Ventura Illustrators presented the following information pertaining to accounts that will need adjustments for its Nov. 30, 2021, year-end financial statements.