Question

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 $4,500 had not been recorded or paid 4. At year-end, one-half of a $2,900 advertising project had been completed for a client, but nothing had been billed or collected. 5. Redeemed a gift card for $690 of services View transaction list Journal entry worksheet A B C D E Record the entry for supplies used during the year. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal

Answer 1

Serial number	General Journal	Amounts (Dr)	Amounts (Cr)
1	Supplies Expenses	$ 490
	Supplies		$ 490
2	Interest receivable	$ 340
	Interest income		$ 340
3	Salaries and wages expenses	$ 4,500
	Salaries and wages payable		$ 4,500
4	Accrued billings	$ 1,450
	Advertising revenue		$ 1,450
5	Gift Card liability	$ 690
	Revenue		$ 690
	Total	$ 7,470	$ 7,470