All of the Accounts Have Normal Balances

question 59

Essay

All of the accounts have normal balances. The following information below has been gathered at December 31, 2022.
1. Depreciation on the equipment for 2022 is $1,300.
2. New Slang Pest Control paid $2,220 for 12 months of insurance coverage on October 1, 2022.
3. New Slang Pest Control pays its employees total salaries of $11,000 every Monday for the preceding 5-day week (Monday-Friday). On Monday, December 27, 2022, employees were paid for the week ending December 24, 2022. All employees worked the five days ending December 31, 2022.
4. A count of supplies on December 31, 2022, indicates that supplies of $850 are on hand.
Instructions
Prepare in journal form with explanations, the annual adjusting entries for the four items listed for New Slang Pest Control.

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Definitions:

Dispose

The act of getting rid of something, typically something that is no longer useful or desired.

Psychographics

Psychographics involves the study of consumers' lifestyles, interests, attitudes, and values to understand their purchasing behavior.

Lifestyles

The aggregation of choices, behaviors, and attitudes by which individuals express their personal values, interests, and social identities.

Leisure Time

Free time not consumed by work or essential duties, allowing individuals to engage in activities of their choice for relaxation or pleasure.