Record the adjusting journal entries that should be made for Anaheim Company at December 31,2016.
1)Recognized $10,500 of salaries expense for the last several days of December.
2)Earlier in the period $2,400 of supplies were purchased.As of December 31,2016,the company had $660 of the supplies still on hand.
3)On October 1,a customer had made an advance payment of $96,000 for services to be rendered equally over a 6-month period beginning October 1.
Definitions:
Debtor's Expenses
Costs incurred by an individual or entity that owes money, which can include legal fees, living expenses, and payments to creditors.
Bankruptcy Trustee
A person appointed by the court to manage the assets of a debtor filing for bankruptcy.
Chapter 7
A provision under the U.S. Bankruptcy Code that allows individuals or businesses to liquidate their assets to pay off creditors.
Reduces to Money
The process of converting assets or damages into their monetary value.
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