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Question(s) / Instruction(s):

a.            On July 1, 2011, Baxter Company paid $1,800 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2011. Prepare the journal entry to reflect expiration of the insurance as of December 31, 2011.

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e.         Marsha Moder employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) Moder adjusts her books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July—Friday is August 1. If the student earns $100 per day, what adjusting entry must Moder make on July 31 to correctly record accrued salaries expense for July?

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