The data below concerns adjustments to be made at the Tyson Company. Record the adjusting entries on page 12 of a general journal as of December 31, 2019. On the same page of the general journal, record the reversing entries as of January 1, 2020. Include descriptions.
Adjustment data:
(a)On October 1, 2019, the firm paid rent of $20,000 in advance for a 6-month period.
(b)A total of $13,000 should be recorded as depreciation of equipment for 2019.
(c)On December 31, 2019, the firm owed salaries of $12,000 that will not be paid until January 2020.
(d)On December 31, 2019, the firm owed the employer's social security (6.2%) and Medicare (1.45%) taxes on all of the accrued salaries.

Question

Quizplus · Accepted Answer

The Answer of The data below concerns adjustments to be made at the Tyson Company. Record the adjusting entries on page 12 of a general journal as of December 31, 2019. On the same page of the general journal, record the reversing entries as of January 1, 2020. Include descriptions.
Adjustment data:
(a)On October 1, 2019, the firm paid rent of $20,000 in advance for a 6-month period.
(b)A total of $13,000 should be recorded as depreciation of equipment for 2019.
(c)On December 31, 2019, the firm owed salaries of $12,000 that will not be paid until January 2020.
(d)On December 31, 2019, the firm owed the employer's social security (6.2%) and Medicare (1.45%) taxes on all of the accrued salaries.

The Data Below Concerns Adjustments to Be Made at the Tyson