Selected accounts of Leno Company are shown below. InstructionsFrom an analysis of the T-accounts, reconstruct (a) The
Question:
Selected accounts of Leno Company are shown below.
InstructionsFrom an analysis of the T-accounts, reconstruct
(a) The October transaction entries,
(b) The adjusting journal entries that were made on October 31, 2012. Prepare explanations for each journalentry.
Transcribed Image Text:
Supplies Accounts Receivable Beg. Bal. 800 10/31 470 10/17 2,100 1,650 10/31 Salarles and Wages Expense Salarles and Wages Payable 800 10/15 10/31 600 10/31 600 Supplies Expense Unearned Service Revenue 400 10/20 10/31 650 10/31 470 Service Revenue 10/17 2,100 1,650 400 10/31 10/31
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a 1015 Salaries and Wages Expense 800 Cash 800 To record payment of October 15 payroll ...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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