The following accounts are used by Bridgid's Mittens, Inc.
| Accounts |
| Cash |
| Office Supplies |
| Accounts Receivable |
| Office Equipment |
| Accumulated Depreciation |
| Notes Payable |
| Wages Payable |
| Interest Payable |
| Unearned Service Revenue |
| Common Stock and Additional Paid-in Capital |
| Retained Earnings |
| Service Revenue |
| Interest Revenue |
| Wage Expense |
| Depreciation Expense |
| Interest Expense |
| Supplies Expense |
| None of the above |
Required:
For each of the following nine independent situations, give the journal entry by selecting the appropriate account descriptions and enter the amount(s). The first transaction is used as an example.
Homework Answers
| Debit | Credit | ||||
| Independent Situations | Account | Amount | Account | Amount | |
| a. | Accrued wages, unrecorded and unpaid at year -end, $490 | Wage Expense | 490 | Wages Payable | 490 |
| b. | Service revenue earned but not yet collected at year- end, $690 | Accounts receivable | 690 | Service Revenue | 690 |
| c. | Dividends declared and paid during the year, $990. | Dividends | 990 | Cash | 990 |
| d. | Office supplies on hand during the year, $490; supplies on hand at year-end, $250. | Supplies Expense | 240 | Supplies | 240 |
| e. | Service revenue collected in advance and not yet earned;$890, | Cash | 890 | Unearned Service Revenue | 890 |
| f. | Depreciation expense for the year, $1,090. | Depreciation Expense | 1090 | Accumulated Depreciation | 1090 |
| g. | At year-end, interest on note payable not yet recorded or paid; $310. | Interest Expense | 310 | Interest Payable | 310 |
| h. | Balance at year-end in Service Revenue account $65,000. Give the closing entry at year-end. | Service Revenue | 65000 | Income Summary | 65000 |
| i. | Balance at year-end in Interest Expense account, $550. Give the closing entry at year-end. | Income Summary | 550 | Interest Expense | 550 |
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