Record the Adjusting Journal Entries That Should Be Made for Gates

question 26

Essay

Record the adjusting journal entries that should be made for Gates Company at December 31, 2013.
1) Recognized $3,500 of salaries expense for the last several days of December.
2) Earlier in the period $800 of supplies were purchased. As of December 31, 2011, the company had $220 of the supplies still on hand.
3) On October 1, a customer had made an advance payment of $32,000 for services to be rendered over a 6-month period beginning October 1.

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Definitions:

Aloof

Displaying a lack of interest or a detached, distant demeanor; not friendly or forthcoming.

Fullest Development

Reaching the highest level of growth or potential in various aspects of an individual's life.

Self-actualization

A concept in humanistic psychology referring to the realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Tension Reduction

The process of alleviating or eliminating stress, conflict, or anxiety within an individual or group.