1. A company has 20 employees who each earn $500 per week for a 5-day week that begins on Monday. December 31 of Year 1 is a Monday, and all 20 employees worked that day. a) Prepare the required adjusting journal entry to record accrued salaries on December 31.b) Prepare the journal entry to record the payment of salaries on January 5 of the next year. 2. a) Topflight Company had $1,500 of store supplies at the beginning of the current year. During this year, Topflight purchased $8,250 worth of store supplies. On December 31, $1,125 worth of store supplies remained. Calculate the amount of Topflight Company's store supplies expense for the current year and record it. b) On January 1, 2010 a company paid $24,000 cash for 2 year of rent in advance and adjusting entries are made at the end of each month. Calculate each month’s rental expense and the balance of Prepaid Rent as of December 31, 2010
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