Business, 08.10.2020 18:01 anonymous777739

Omega Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31, Year 1: (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1, Year 1. (2) The company pays all employees up-to-date each Friday. Since December 31, Year 1, fell on Tuesday, there was a liability to employees at that date for two day's pay amounting to $6,800. (3) On December 1, Year 1, rent on the office building had been paid for four months. The monthly rent is $6,000. (4) Depreciation of office equipment is based on an estimated useful life of six years. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. (5) Fees of $9,800 were earned during the month for clients who had paid in advance. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will:

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Omega Company adjusts its accounts at the end of each month. The following information has been asse...

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