Transaction and Adjustment Data for Doty Company for the Calendar

question 222

Essay

Transaction and adjustment data for Doty Company for the calendar year end is as follows:
1. December 24 (initial salary entry): $12,000 of salaries earned between December 1 and December 24 are paid.
2. December 31 (adjusting entry): Salaries earned between December 25 and December 31 are $3,000. These will be paid in the January 8 payroll.
3. January 8 (subsequent salary entry): Total salary payroll amounting to $8,000 was paid.
Instructions
Prepare two sets of journal entries as specified below. The first set of journal entries should assume that the company does not use reversing entries, and the second set should assume that reversing entries are utilized by the company.

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Definitions:

Settlement House Movement

A social reform effort that began in the late 19th century, focusing on the improvement of conditions in poor urban areas through community centers.

Dispossessed Groups

Communities or individuals who have been stripped of their possessions, land, or rights, often leading to marginalization and deprivation.

Economic Organization

The structured systems and processes through which goods and services are produced, distributed, and consumed within an economy.

Unrelated Parts

Unrelated parts refer to components or elements that do not have a direct connection or association with each other within a specific context or system.