QS 3-12 Accrued expenses adjustments LO P3
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 $24.000 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 $675 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next yeat.
c. Interest Payable. At its December 31 year-end, the company holds a mortgage payable that has incurred $1300 in annual interest. that is neither recorded nor paid. The company intends to pay the interest on January 7 of the next year.
Homework Answers
| Sl. | Account titles and particulars | Debit | Credit | |
| a | Salaries expense | $24,000 | (Expense) | |
| Salaries payable | $24,000 | (Liability) | ||
| (salary expense booked) | ||||
| b | Interest expense | $675 | (Expense) | |
| Interest payable | $675 | (Liability) | ||
| (interest booked) | ||||
| c | Interest expense on mortgage | $1,300 | (Expense) | |
| Interest payable | $1,300 | (Liability) | ||
| (interest booked) | ||||
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but...
a. Salaries Payable. At year-end, salaries expense of $20.500 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 $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
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...
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...
.36 Seved Help Save & Exit Submit Balais Payable At year-end salaries expense of $20.500 has...
.36 Seved Help Save & Exit Submit Balais Payable At year-end salaries expense of $20.500 has been incurred by the company but is not yet par Salar 20,5 Step 1: Determine what the current account balance equals. Debitor Credit? 20,500 Debit or Credit? 20.500 Credit $ Step 2: Determine what the current account balance should equal. I $ Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Adjusting Entry Salaries expense ſ...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not yet paid to employees. Salaries payable 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 b. At its December 31 year-end, the company owes $325 of interest on a line-of-credit loan. That interest will not be paid until...
Wiew History Bookmarks People Tab Window Help ty College Sy Assignments: Principles of Ace Chapter 3...
Wiew History Bookmarks People Tab Window Help ty College Sy Assignments: Principles of Ace Chapter 3 Assignment et.mheducation.com/flow/connect.html ament i View transaction list Journal entry worksheet 2 3 At year-end, salaries expense of $24,000 has been incurred by the company, but is not yet paid to employees. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal View History Bookmarks People Tab Window Help Chapter 3 Assignment unity College Sy Assignments: Principles of...
Exercise 3-5 Adjusting and Paying accrued expenses LO P3
Exercise 3-5 Adjusting and Paying accrued expenses LO P3a. On April 1, the company hired an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12b. As of April 30, $2,089 of interest expense has accrued on a note payable. The full interest payment of $6,267 on the note is due on May 20 .c. Total weekly salaries expense for all employees is $13.000. This amount is paid at...
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 Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. 0. Accounts Receivable. At year-end, the L Cole Company has completed services of $22.000 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, $510 of Interest earned from its Investments in...
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...
Exercise 3-3 Adjusting and paying accrued wages LO P3
Exercise 3-3 Adjusting and paying accrued wages LO P3Pablo Management has ten employees, each of whom earns $195 per day. They are normally paid on Fridays for work completed. Monday through Friday of the same week. Near year-end, the ten employees worked Monday, December 31, and Wednesday through Friday, January 2.3, and 4 . New Year's Day (January 1) was an unpaid holiday.Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January...
a. Salaries Payable. At year-end, salaries expense of $20.500 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 $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
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...
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...
.36 Seved Help Save & Exit Submit Balais Payable At year-end salaries expense of $20.500 has been incurred by the company but is not yet par Salar 20,5 Step 1: Determine what the current account balance equals. Debitor Credit? 20,500 Debit or Credit? 20.500 Credit $ Step 2: Determine what the current account balance should equal. I $ Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Adjusting Entry Salaries expense ſ...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not yet paid to employees. Salaries payable 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 b. At its December 31 year-end, the company owes $325 of interest on a line-of-credit loan. That interest will not be paid until...
Wiew History Bookmarks People Tab Window Help ty College Sy Assignments: Principles of Ace Chapter 3 Assignment et.mheducation.com/flow/connect.html ament i View transaction list Journal entry worksheet 2 3 At year-end, salaries expense of $24,000 has been incurred by the company, but is not yet paid to employees. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal View History Bookmarks People Tab Window Help Chapter 3 Assignment unity College Sy Assignments: Principles of...
Exercise 3-5 Adjusting and Paying accrued expenses LO P3a. On April 1, the company hired an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12b. As of April 30, $2,089 of interest expense has accrued on a note payable. The full interest payment of $6,267 on the note is due on May 20 .c. Total weekly salaries expense for all employees is $13.000. This amount is paid at...
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. 0. Accounts Receivable. At year-end, the L Cole Company has completed services of $22.000 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, $510 of Interest earned from its Investments in...
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...
Most questions answered within 3 hours.
-
You purchase your daily coffee at the Chemist’s Coffeehouse and
have a choice of two cups:...
asked 1 hour ago -
Which of the following pairs of chemicals could be used to make
a buffer solution?
A.)...
asked 1 hour ago -
Problem 16-51 Sales
Activity Variance (LO 16-3)Odessa, Inc., reports the following
information concerning operations for the...
asked 2 hours ago -
Pictured on the right are thee point charges Q1 = 18.4 μC, Q2 =
-30.6 μC,...
asked 2 hours ago -
A graduate student is conducting research in psychology and
needs to obtain the IQ scores of...
asked 2 hours ago -
R2.84: There are 2 defective products in a production lot of 10.
An inspector randomly selected...
asked 4 hours ago -
Consider the following equilibrium system: COCl2(g) CO(g) +
Cl2(g) A 10.00 L evacuated flask is filled...
asked 4 hours ago -
1) What are the two distinct steps that one needs to perform
when developing a data...
asked 4 hours ago -
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 5 hours ago -
1. In eukaryotic cells the genomes of
&
asked 5 hours ago -
The standard enthalpy of propanol (C3H7OH) is -303.0 kJ/mol.
Compute both of the
gross and net...
asked 5 hours ago -
Why PWM using H-bridge for control motor speed is more power
effiecient than the linear amplifier...
asked 5 hours ago