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August 21, 2014

Homework Help: accounting

Posted by jhona on Tuesday, August 3, 2010 at 9:30am.

hi,..!! i hope u can answer it,..

the following data are gathered prior to the preparation of the year end adjusting journal entries of IEMELIF enterprises:


nature: last payment date:
TAXES december 15, 20-7
ELECTRICITY december 22, 20-7
WATER december 10, 20-7
WAGES december 27, 20-7

period covered
by the payment: amount paid:
MONTH OF NOVEMBER P 8,345
NOVEMBER 16 TO DECEMBER 15 P7,530
OCTOBER 26 TO NOV.25 P1,890
6 DAYS, UNTIL DEC27 P76,590

accrued wages is for three days, dec.28,29 and 31

required:
a.)based on the given information, estimate the accrued expenses as of december 31 20-7
b.)prepare the needed adjusting journal entries as of dec. 31, 20-7

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