Homework Answers
| Transaction | General Journal | Debit | Credit |
| a. | Accounts receivable | $22,000 | - |
| Service revenue | - | $22,000 | |
| (To record services performed on account) | |||
| b. | Interest receivable | $510 | - |
| Interest revenue | - | $510 | |
| (To record interest earned but not received) | |||
| c. | Accounts receivable | $1,540 | - |
| Service revenue | - | $1,540 | |
| (To record services performed on account) |
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QS 3-14 Accrued revenues adjustments LO P4 Record adjusting journal entries for each of the following...
QS 3-14 Accrued revenues adjustments LO P4 3 Accrued Revenues i Help Save & Exit Check...
QS 3-14 Accrued revenues adjustments LO P4
3 Accrued Revenues i Help Save & Exit Check my QS 3-14 Accrued revenues adjustments LO P4 Record adjusting journal entries for each of the following for year ended December 31 Assume no other adjusting entries are made during the year a. Accounts Receivable. At year-end, the L Cole Company has completed services of $26.000 for a client, but the client has not yet been billed for those services b. Interest Receivable. At...
Record adjusting journal entries for each of the following for year ended December 31. Assume no...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $27,000 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $710 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting...
Record adjusting journal entries for each of the following for year ended December 31.
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $20,500 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $450 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting company collects fees when...
a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $24,500 for a...
a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $24,500 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $610 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job is now complete. The customer has not yet been billed for the...
a. Accounts Receivable. At year-end, the Krug Company has completed services of $25,500 for a client,...
a. Accounts Receivable. At year-end, the Krug Company has completed services of $25,500 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $650 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting company collects fees when jobs are complete. The work for one customer, whose job was bid at $1,820, has been completed, but the customer has...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Exercise 3-5 Preparing adjusting entries-accrued revenues and expenses LO P3, P4 a. M&R Company provided $2,000...
Exercise 3-5 Preparing adjusting entries-accrued revenues and expenses LO P3, P4 a. M&R Company provided $2,000 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $1,000 have been incurred but are not paid as of December 31. c. M&R Company has a $5,000 bank loan and has incurred (but not recorded) 8% interest expense of $400 for the year ended December 31. The company...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $740, of which $220 remained on hand (unused) at year-end. 2. Interest of $370 on a note receivable was eamed at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Record adjusting journal entries for each of the following for year ended December 31. Assume no...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $350 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. c. Interest...
QS 3-14 Accrued revenues adjustments LO P4
3 Accrued Revenues i Help Save & Exit Check my QS 3-14 Accrued revenues adjustments LO P4 Record adjusting journal entries for each of the following for year ended December 31 Assume no other adjusting entries are made during the year a. Accounts Receivable. At year-end, the L Cole Company has completed services of $26.000 for a client, but the client has not yet been billed for those services b. Interest Receivable. At...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $27,000 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $710 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $20,500 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $450 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting company collects fees when...
a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $24,500 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $610 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job is now complete. The customer has not yet been billed for the...
a. Accounts Receivable. At year-end, the Krug Company has completed services of $25,500 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $650 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting company collects fees when jobs are complete. The work for one customer, whose job was bid at $1,820, has been completed, but the customer has...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Exercise 3-5 Preparing adjusting entries-accrued revenues and expenses LO P3, P4 a. M&R Company provided $2,000 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $1,000 have been incurred but are not paid as of December 31. c. M&R Company has a $5,000 bank loan and has incurred (but not recorded) 8% interest expense of $400 for the year ended December 31. The company...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $740, of which $220 remained on hand (unused) at year-end. 2. Interest of $370 on a note receivable was eamed at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $350 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. c. Interest...
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