For Each of the Following Two Separate Situations,present Both the April

question 206

Essay

For each of the following two separate situations,present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses or receipt of the accrued revenue.Assume the company does not prepare reversing entries.
a.Nicolas Company has 5 employees,who earn a total of $2,900 in salaries each working day.They are paid on Monday for the five-day workweek ending on the previous Friday.Assume that fiscal year ended April 30,is a Thursday and all employees worked each day and will be paid salaries for five full days on the following Monday.
b.Services of $3,000 have been performed for Clevenger Company through April 30.The client will pay the entire amount of the contract when services are completed on May 23.
c.Paid the employees' salaries on May 4.
d.Received payment from Clevenger Company for services that are now completed on May 23.

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Definitions:

Regulatory Regions

Specific sequences in DNA that control the level and timing of gene expression, critical for proper development and function in organisms.

Gene Variation

The differences in sequences of DNA among individuals in a population, which contributes to the genetic diversity of a species.

Behavioral Differences

Variations in actions or reactions among individuals within a species or between species.

Arcopallium

A region of the bird brain involved in controlling vocal learning and complex motor functions.