Question

please answer s3-9 and s3-10

TT DUUR Value on May 31? S3-9 Journalizing and posting an adjusting entry for unearned revenue Southern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Learning Learnir Requirements 1. Record the journal entry to record the original receipt of $150,000 cash. 2. Record the adjusting entry that Southern Magazine makes to record earning $9,000 in subscription revenue that was collected in advance. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances after adjustments. (Ignore the Cash account.) $3-10 Journalizing and posting an adjusting entry for accrued salaries expense Walnut Park Senior Center has a weekly payroll of $7,500. December 31 falls on Wednesday, and Walnut Park Senior Center will pay its employees the following Monday (January 5) for the previous full week. Assume Walnut Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $550,000. Requirements 1. Record the adjusting entry for accrued salaries on December 31. 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. 3. Record the journal entry for payment of salaries made on January 5. loar

Answer 1

Solution:

Question: S3-9

Requirement: 1,2

	Account Titles and Explanation	Debit	Credit
1	Cash	$ 150,000
	Unearned Subscription Revenue		$ 150,000
	(To record unearned revenue)
2	Unearned Subscription Revenue	$      9,000
	Subscription Revenue		$      9,000
	(To record utility expense payable)

Requirement: 3

Unearned Subscription Revenue
Subscription Revenue	$    9,000	Cash	$ 150,000
		End Balance	$ 141,000
Subscription Revenue
		Unearned Subscription Revenue	$      9,000
		End Balance	$      9,000

Question: S3-10

Requirement 1:

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	Salaries Expense(7500/5*3)	$                4,500
	Accrued Salaries Payable		$               4,500
	(To record salary expense payable)

Requirement 2:

Accrued Salaries Payable
		Salaries Expense	$        4,500
		End Balance	$        4,500
Salary Expenses
Balance	$       550,000
Accrued Salaries	$            4,500
End Balance	$       554,500

​​​​​​​Requirement 3:

Date	Account Titles and Explanation	Debit	Credit
Jan. 5	Accrued Salaries Payable	$                4,500
	Salaries Expense(7500/5*2)	$                3,000
	Cash		$         7,500.00