Chat with us, powered by LiveChat Zheng Corporation had the following selected trans - Writemia

Zheng Corporation had the following selected trans

Zheng Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly. 1. The company has an 14%, $12,040 note payable due in 1 year. Interest is payable the first of each month. It was last paid on March 1, and will be paid next on April 1. 2. At the end of March, the company earned $370 interest on its investments. The bank deposited this amount in Zheng’s bank account on April 1. 3. Zheng has five employees who each earn $240 a day. Salaries are normally paid on Fridays for work completed Monday through Friday of the same week. Salaries were last paid on Friday, March 27, and will be paid next on Friday, April 3. 4. At the end of March, the company owed the utility company $610 and the telephone company $300 for services received during the month. These bills were paid on April 10. 5. At the end of March, Zheng has earned $3,560 that it has not yet billed. It bills its clients for fees earned on April 1. On April 30, it collects $2,000 of this amount due. (a) For each of the above situations, prepare the monthly adjusting journal entry required at March 31. (b) Prepare any subsequent transaction entries that occur in the month of April.

Do you need an answer to this or any other questions?

About Writemia

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order