| 1. | Supplies on hand at December 31, 2011, total $1,000. |
| 2. |
The studio pays rent quarterly (every three months). The last payment was made November 1, 2011. The next payment will be made early in February 2012. |
| 3. | Studio equipment is being depreciated over 120 months (10 years). |
| 4. |
On October 1, 2011, the studio borrowed $24,000 by signing a 12 month, 12 percent note payable. The entire amount, plus interest, is due on September 30, 2012. Don't use plagiarized sources. Get Your Custom Essay on
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| 5. | At December 31, 2011, $3,000 of previously unearned client fees had been earned. |
| 6. | Accrued, but unrecorded and uncollected client fees earned total $690 at December 31, 2011. |
| 7. | Accrued, but unrecorded and unpaid salary expense totals $750 at December 31, 2011. |
| 8. |
Accrued income taxes expense for the entire year ending December 31, 2011, total $7,000. The full amount is due early in 2012. |
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