215. An asset that cost $50,000 was purchased on January 1. The asset has an estimate useful life of three years and an estimated salvage value of $3,200. Prepare the necessary adjusting journal entry for the end of the year.
216. A company has 20 employees who each earn $500 per week for a 5-day week that begins on Monday. December 31 of 2009 is a Monday and all 20 employees worked that day.
a. Prepare the required adjusting journal entry to record accrued salaries on December 31,
2009.
b. Prepare the journal entry to record the payment of salaries on January 4, 2010.
217. Pfister Co. leases an office to a tenant at the rate of $5,000 per month. The tenant contacted Pfister and arranged to pay the rent for December 2009 on January 8, 2010. Pfister agrees to this arrangement.
a. Prepare the journal entry that Pfister must make at December 31, 2009 to record the accrued rental revenue.
b. Prepare the journal entry to record the receipt of the rent on January 8, 2010.