The following accounts are used by Britt's Knits, Inc. Required: For each of the following nine independent
Question:
Required:
For each of the following nine independent situations, prepare the journal entry by entering the appropriate code(s) and amount(s). The first transaction is used as an example.
Transcribed Image Text:
Codes Accounts Codes Accounts J Common Stock and Additional Paid-in Capital K Retained Earnings A Cash B Office Supplies C Accounts Receivable D Office Equipment E Accumulated Depreciation F Note Payable G Wages Payable HInterest Payable I Unearned Service Revenue Service Revenue M Interest Revenue N Wage Expense O Depreciation Expense P Interest Expense Supplies Expense R None of the above DEBIT CREDIT Independent Situations Code Amount Code Amount a. Accrued wages, unrecord led and unpaid at year-end. N400G400 $400 (example) b. Service revenue earned but not yet collected at year-end, S600 c. Dividends declared and paid during the year, $900 d. Office supplies on hand during the year, $400; sup e. Service revenue collected in advance and not yet plies on hand at year-end, $160. earned, $800 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. Prepare the closing entry at year-end. Balance at year-end in Interest Expense account, $460 Prepare the closing entry at year-end
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
Debit Credit Independent Situations Code Amount Code Amount a Accrued wages un...View the full answer
Answered By
YOGENDRA NAILWAL
As I'm a Ph.D. student, so I'm more focussed on my chemistry laboratory. I have qualified two national level exams viz, GATE, and NET JRF (Rank 68). So I'm highly qualified in chemistry subject. Also, I have two years of teaching experience in this subject, which includes college teacher as well as a personal tutor. I can assure you if you hire me on this particular subject, you are never going to regret it.
Best Regards.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Question Posted:
Students also viewed these Cost Accounting questions
-
Q1. The indirect format of the operating section starts with (sales revenue / ___________). Statement A above reports net cash from operating activities using the (___________/ indirect) method,...
-
The following accounts are denominated in pesos as of December 31, 2011. For reporting purposes, these amounts need to be stated in U.S. dollars. For each balance, indicate the exchange rate that...
-
The following accounts are denominated in pesos as of December 31, 2013. For reporting purposes, these amounts need to be stated in U.S. dollars. For each balance, indicate the exchange rate that...
-
In Exercises 3336, use possible symmetry to determine whether each graph is the graph of an even function, an odd function, or a function that is neither even nor odd. ------ -2, y CI (0,4) 2 14...
-
What is a balanced scorecard? How is a balanced scorecard more useful than return on investment in implementing and monitoring strategy in a global economy?
-
The Draper Company produces two product, Standard and Custom, and uses a costing system that accumulates all overhead in a single cost pool and allocates it based on direct labor cost. Draper's...
-
Construct a data set that has the given statistics. n = 5 x =12 s = 0
-
When Davidson Masonry and Lafayette entered an agreement to work together, what kind of special business form was created? Explain. Marilyn Rowe, decided to submit a bid for a decorative concrete...
-
The premise of the experiment is: In a group of 10 people, present your findings with different mathematical models (eg, logistics, SI, SIS) or any other mathematical models. An initial person has a...
-
Not surprisingly, Tarek still has several thousand dollars in student loans outstanding. When he graduated from college, he had federal loans of $48,100, with an average APR of 5.40%. Six months...
-
Refer to E4-8. Dittman's Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during the year have been journalized and posted. The...
-
Elana's Traveling Veterinary Services, Inc., completed its first year of operations on December 31. All of the year's entries have been recorded except for the following: a. On March 1 of the current...
-
How can the interest-rate risk of the projected liabilities of a defined benefit pension plan be measured?
-
The case states that the firm of A bernethy and Chapman is considering the acceptance of clients that are publicly traded. What specific steps would the firm have to take before they could accept an...
-
What are some disadvantages to using debt to fund your assets?
-
What is another way of saying this: To confirm the expected time to pay back the initial investment for the Salesforce CRM system, an ROI calculation sheet was utilized to obtain the following...
-
What are some disadvantages to using debt to fund your assets?
-
Use the chart below to answer this question. Assume that this chart represents a market value based index with three stocks. How much did the index move overall based on the changes in stock prices?...
-
The level below a cache in the memory hierarchy requires 60 ns to read or write a word of data. If the cache line size is 8 words, how many times does the average line have to be written (counting...
-
As indicated by mutual fund flows, investors tend to beat the market seek safety invest in last year's winner invest in last years loser
-
East Hill Home Healthcare Services was organized five years ago by four friends who each invested $10,000 in the company and, in turn, were issued in total 8,000 shares of $1.00 par value common...
-
Rucksack Incorporated is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers trains for a fee. The company has been...
-
Which of the following is not an asset? a. Investments b. Land c. Prepaid Expense d. Additional Paid-in Capital
-
The market price of a semi-annual pay bond is $957.95. It has 15.00 years to maturity and a coupon rate of 7.00%. Par value is $1,000. What is the yield to maturity? The market price of a semi-annual...
-
Compute the accumulated sum of the following payments: (a) $400 every six months for 4 years at 8% compounded semi-annually (b) $250 per month for 5 years at 7.5% compounded monthly.
-
The output is wrong. Sometimes a program lacking input will produce wrong output (as in this case), or no output. Remember to always pre-enter needed input. Type 2 in the input box, then click "Run...
Study smarter with the SolutionInn App