27) At year end December 31, 2010, McToil, Inc. owes its employees $15,000 for work performed in 2010. Payday is not until the first week in January 2011. Record the adjusting entry in the T-accounts provided.
28) On November 1, 2011, Delectable Edibles, Inc. received $12,000 in advance for services to be performed evenly over the next 12 months. Record (a) the cash received on November 1, 2011 and (b) the adjusting entry at December 31, 2011 in the T-accounts below:
29) On April 3, 2011,
Tanks a Lot, the monthly magazine for tropical fish fanciers, received payment for one-year subscriptions from twenty new subscribers. A subscription to
Tanks a Lot
costs $24 for twelve monthly issues. All twenty new subscriptions will begin May 1, 2011.
a. Record the cash received April 3, 2011.
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b.
Tanks a Lot
makes its adjusting entries only once a year. Prepare the adjusting journal entry at December 31, 2011.
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