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.

---

Definitions:

Conventional

Pertaining to common practices, methods, or standards accepted by a large group or society.

Agentic Professions

Occupations that are associated with getting things accomplished.

Communal

Pertaining to or shared by the members of a community; often refers to resources or responsibilities held in common.

Fraternal

Pertaining to brothers; often used to describe twins who are born from two separate eggs fertilized by two different sperm cells, and thus are not genetically identical.