Question
The following data for adjustment were found on the books and records of Homer Slim Company...
The following data for adjustment were found on the books and
records of Homer Slim Company on 'December 31, 2019:
1. Sales salaries are uniformly $21,400 for a five-day
workweek, ending Friday. The last payday of the year was Friday,
December 27.
2. Accrued fees earned but not yet recorded at December 31,
$10,500.
3. Depreciation expense for the year on the equipment is
$6,500.
4. The company has determined that the allowance for
uncollectible accounts should be $5,000
5. A three-year fire insurance policy was purchased on July 1,
2019, for $6,000. The company debited Insurance expense for the
entire amount.
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