The following are selected unadjusted account balances as at December 31, 2014, the year end of Joseph's Law Firm: Additional information obtained from a review of the law firm's records:
1. Work done for clients in December that will be invoiced in January is $9,800.
2. Prepaid insurance includes $12,600 paid for a one-year policy that was effective December 1, 2014.
3. Salaries are paid monthly on the 15^th of each month. The salaries earned by employees from December 16 to 31^st total $5,000.
Instructions
a. Prepare the December 31, 2014 adjusting entries required for these items.
b. Prepare the reversing entries required for January 1, 2015.

Question

The following are selected unadjusted account balances as at December 31, 2014, the year end of Joseph's Law Firm:

Additional information obtained from a review of the law firm's records:
1. Work done for clients in December that will be invoiced in January is $9,800.
2. Prepaid insurance includes $12,600 paid for a one-year policy that was effective December 1, 2014.
3. Salaries are paid monthly on the 15^th of each month. The salaries earned by employees from December 16 to 31^st total $5,000.
Instructions
a. Prepare the December 31, 2014 adjusting entries required for these items.
b. Prepare the reversing entries required for January 1, 2015.

Quizplus · Accepted Answer

The Answer of The following are selected unadjusted account balances as at December 31, 2014, the year end of Joseph's Law Firm: Additional information obtained from a review of the law firm's records: 1. Work done for clients in December that will be invoiced in January is $9,800. 2. Prepaid insurance includes $12,600 paid for a one-year policy that was effective December 1, 2014. 3. Salaries are paid monthly on the 15^th of each month. The salaries earned by employees from December 16 to 31^st total $5,000. Instructions a. Prepare the December 31, 2014 adjusting entries required for these items. b. Prepare the reversing entries required for January 1, 2015.

The Following Are Selected Unadjusted Account Balances as at December