Question

question 19 3,4,5

3. By December 31, Crabb had provided $14.000 of services to a customer and had not yet billed them. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5.000). Every box needs an answer. If there is no dollar value for the box, put a 'o' in the space provided. If the t-account is not used, write 'Blank' for the account title. 4. Crabb borrowed $50,000 from a bank on May 1. The loan has an annual interest rate of 6%. The original amount of the loan and the related interest will be paid on May 1 of the following year. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000)Every box needs an answer. If there is no dollar value for the boxput a 'o' in the space provided. If the t-account is not used, write 'Blank' for the account title. 5. Crabb purchased a new machine for 16,000 on January 1. The machine had an estimated useful life of 4 years. Prepare the adjusting entry needed on December 31. NOTE Enter dollar values with no dollar sign and appropriate commas (eg. 5,000). Every box needs an answer. If there is no dollar value for the box, put a 'o' in the space provided. If the t-account is not used, write "Blank" for the account title.

Answer 1

Q3. No. Credit Debit $ 14.000 Service Revenue 0 Accounts Receivable 14000 14000 Blank ol 3 0 Account titles Accounts Receivable Service Revenue (To record accrued service revenue) 0 14000 14000 $ 14,000 0 Q4. No. Credit Debit 2,000 Interest Payable 0 Interest Expense 2000 2000 Blank 0 $ Account titles Interest Expense Interest Payable (To record accrued interest expense] [$50,000*6%/12*8 months] 0 2000 2000 2,000 0 0 $ Q5. No. 5 Credit Debit 4,000 $ Depreciation Expense 4000) 4000 Blank 이 0 Account titles Depreciation Expense Accumulated Depreciation (To record annual deprecition expense] [$16,000/4]*1 year Accumulated Depreciation 0 0 4000 4000 0 $ 4,000 0

*Yellow Highlights are the answer.

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