Recording Transactions IncludingAdjusting and(losing Entries (Nonquantitative)
The following accounts are used by Britt’ s Knits, Inc.
Codes | Accounts |
A | Cash |
B | Office Supplies |
C | Accounts Receivable |
D | Office Equipment |
E | Accumulated Depreciation |
F | Note Payable |
G | Wages Payable |
H | Interest Payable |
I | Unearned Service Revenue |
J | Contributed Capital |
K | Retained Earnings |
L | Service Revenue |
M | Interest Revenue |
N | Wage Expense |
O | Depreciation Expense |
P | Interest Expense |
Q | Supplies Expense |
R | None of the above |
Required:
For each of the following nine independent situations. give the journal entry by entering the appropriate coder s) and amount(s). The first transaction is used as an example.
DEBIT | CREDIT | |||
Independent Situations |
| Amount |
| Amount |
a. Accrued wages, unrecorded and unpaid at year-end, $400 (example) | N | 400 | G | 400 |
b. Service revenue earned but not yet collected at year-end, $600. | ||||
c. Dividends declared and paid during the year, $900. | ||||
d. Office supplies on hand during the year, $400; supplies on hand at year-end, $160. | ||||
e. Service revenue collected in advance, $800. | ||||
f.Depreciation expense for the year, $1,000. | ||||
g. At year-end, interest on note payable not yet recorded or paid , $220. | ||||
h. Balance at year-end in Service Revenue account, $56,000. Give the clos ing entry at year-end. | ||||
i. Balance at year-end in Interest Expense account, $460. Give the closing entry at year-end. | ||||
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