Chapter 12 – Accruals, Deferrals, and the Worksheet
62. Stan Still Stationery Store’s employees are paid every Friday for a five day work week and
are paid a total of $1,250 per day. If December 31, 2013, is on a Monday, the amount of the
adjusting entry for accrued wages is:
63. On October 1, 2013, a firm accepted a 4-month, 8% note for $12,000 from a customer
with an overdue account balance. The accrued interest recorded for this note on December 31,
2013, is
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66. Determine the account and amount to be debited and the account and amount to be
credited for the following adjustment. The beginning inventory for a merchandising business
67. Determine the account and amount to be debited and the account and amount to be
credited for the following adjustment. The beginning inventory for a merchandising business
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82. On July 31, 2013, after one month of operation, the general ledger of Dakota Consulting
contained the following accounts and balances. The firm adjusts losses from uncollectible
accounts only at the end of the fiscal year. Monthly adjustments are listed below. Prepare the
Trial Balance, Adjustments, and Adjusted Trial Balance sections of a worksheet.
Chapter 12 – Accruals, Deferrals, and the Worksheet
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