Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $10,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $25,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual.

If tracking employees through technology is not illegal, why should megan be concerned if she is not involved in any misconduct?

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c. prepaidrent. onseptember1ofthecurrentyear, thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

How do communism and socialism differ in terms of the role that government plays in the economy ?