1. Because the sales on Valentine's Day was great. Kerry decided at the end of the
month to accrued $5,000 in additional wages for her staff members. In addition, a
miscalculation of overtime hours had the employees being over paid Five hundred
dollars $500 for the month of February as it relates to wages.
Two hundred dollars ($200) of the commission received related to the month of
March 2021
II.
MT.
Of the amount paid for rent approximately two thousand dollars ($2,000) was
prepaid.
IV.
For the first month of business, depreciation is calculated at 10% per annum on
the straight line basis on the refrigerator and office furniture; and 20% per annum
on the Delivery Van; depreciation is charged to the accounts on a monthly basis.
V.
Of the remaining balance owed by Chocolate delights, 10% must be written off as
bad debts.
Note: when doing the adjusted T accounts only the accounts that have been
affected need to be done
E. Post the above adjusting entries to their respective accounts in the general ledger
creating additional accounts as the journals would dictate
F. Prepare the adjusted trial balance with the inclusion of the above balances

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During january 2018, the following transactions occur: january 1 purchase equipment for $20,600. the company estimates a residual value of $2,600 and a five-year service life. january 4 pay cash on accounts payable, $10,600. january 8 purchase additional inventory on account, $93,900. january 15 receive cash on accounts receivable, $23,100 january 19 pay cash for salaries, $30,900. january 28 pay cash for january utilities, $17,600. january 30 firework sales for january total $231,000. all of these sales are on account. the cost of the units sold is $120,500. the following information is available on january 31, 2018. depreciation on the equipment for the month of january is calculated using the straight-line method. the company estimates future uncollectible accounts. at the end of january, considering the total ending balance of the accounts receivable account as shown on the general ledger tab, $4,100 is now past due (older than 90 days), while the remainder of the balance is current (less than 90 days old). the company estimates that 50% of the past due balance will be uncollectible and only 3% of the current balance will become uncollectible. record the estimated bad debt expense. accrued interest revenue on notes receivable for january. unpaid salaries at the end of january are $33,700. accrued income taxes at the end of january are $10,100

As related to a company completing the purchase to pay process, is there an accounting journal entry "behind the scenes" when xyz company pays for the goods within 10 days of the invoice (gross method is used for discounts and terms are 2/10 net 30) that updates the general ledger?