Given the information below. Account Names Debit Cash $ 31,700 Supplies 560 Deferred Revenue Salaries and Wages
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Given the information below.
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Account Names Debit Cash $ 31,700 Supplies 560 Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Salaries and Wages 35,900 Expense Supplies Expense 2,200 Interest Expense 0 Income Tax Expense Totals 0 Credit Further Information As reported on December 31 bank statement. Based on count, only $180 of supplies still exist. Of this amount, $2,800 was received for $ 3,280 December lessons and $480 for January lessons. 0 0 12,000 1,000 2,800 Employees were paid $2,200 for 10 days of work through December 28. They have not yet been paid for work on December 29 and 30. The company has paid last year's income tax but not this year's tax. The company has not paid the $100 of interest owed on its notes payable for the current period. This one-year note was taken out this year on December 1. This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Most customers pay cash for lessons each 51,280 time they are provided, but some customers pay in advance. $ 70,360 $ 70,360 Employees worked through December 30 but did not work on December 31. This is the cost of supplies used through November 30. The company has not paid the $100 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. 3. Prepare the adjusting journal entries that are required at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. General Journal Debit Credit 3800 380 No Transaction 1 a Supplies Expense Supplies 2 b Deferred Revenue Service Revenue 2,800 2,800 3 C Salaries and Wages Expense 440 Salaries and Wages Payable 440 4 d Interest Expense Interest Payable 100 100 5 e Income Tax Expense 3,945 X Income Tax Payable 3,945 Account Names Debit Cash $ 31,700 Supplies 560 Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Salaries and Wages 35,900 Expense Supplies Expense 2,200 Interest Expense 0 Income Tax Expense Totals 0 Credit Further Information As reported on December 31 bank statement. Based on count, only $180 of supplies still exist. Of this amount, $2,800 was received for $ 3,280 December lessons and $480 for January lessons. 0 0 12,000 1,000 2,800 Employees were paid $2,200 for 10 days of work through December 28. They have not yet been paid for work on December 29 and 30. The company has paid last year's income tax but not this year's tax. The company has not paid the $100 of interest owed on its notes payable for the current period. This one-year note was taken out this year on December 1. This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Most customers pay cash for lessons each 51,280 time they are provided, but some customers pay in advance. $ 70,360 $ 70,360 Employees worked through December 30 but did not work on December 31. This is the cost of supplies used through November 30. The company has not paid the $100 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. 3. Prepare the adjusting journal entries that are required at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. General Journal Debit Credit 3800 380 No Transaction 1 a Supplies Expense Supplies 2 b Deferred Revenue Service Revenue 2,800 2,800 3 C Salaries and Wages Expense 440 Salaries and Wages Payable 440 4 d Interest Expense Interest Payable 100 100 5 e Income Tax Expense 3,945 X Income Tax Payable 3,945
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259864230
6th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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