The Data Below Concerns Adjustments to Be Made at the Conner

question 62

Essay

The data below concerns adjustments to be made at the Conner Company. Record the adjusting entries on page 12 of a general journal as of December 31, 2013. On the same page of the general journal, record the reversing entries as of January 1, 2014. Include descriptions.
Adjustment data:
(a) On October 1, 2013, the firm paid rent of $6,000 in advance for a 6-month period.
(b) A total of $5,000 should be recorded as depreciation of equipment for 2013.
(c) On December 31, 2013, the firm owed salaries of $4,000 that will not be paid until January 2014.
(d) On December 31, 2013, the firm owed the employer's social security (6.2%) and Medicare (1.45%) taxes on all of the accrued salaries.

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Definitions:

Carbowax

A trade name for a series of polyethylene glycols commonly used as solvents, lubricants, and in pharmaceutical formulations.

Ethylene Oxide

An organic compound that is a colorless gas with a sweet odor, used as a sterilizing agent and an intermediate in the production of other chemicals.

Anionic

Pertaining to ions or molecules that carry a negative electric charge.

Cationic Polymerization

A type of polymerization where the growth of a polymer chain proceeds via cationic species as the propagating centers.