The following accounts are used by Mouse Potato, Inc., a computer game maker. Required: For each of
Question:
Required:
For each of the following independent situations, give the journal entry by entering the appropriate code(s) and amount(s). We've done the first one for you as an example.
Codes Accounts Codes Accounts Accounts Receivable Note Payable Retained Earnings Service Revenue Supplies Supplies Expense Unearned Revenue Wage Expense Wages Payable Cash Equipment Interest Expense Interest Payable Interest Revenue Debit Credit Independent Situations Code AmountCodeAmount a. Accrued wages, unrecorded and unpaid at b. Service revenue collected in advance, $600 c. At year-end, interest on note payable not yet d. Depreciation expense for year, $1,000. e Service revenue earned but not yet collected at year-end, S400 (example) 400 recorded or paid, $220 year-end, $1,000 Balance in Supplies account, $400; supplies on hand at year-end, $150 g Adjusted balance at year-end in Service Revenue account, $75,000. Give the journal entry to close this one account at year-end.
Step by Step Answer:
Debit Credit Code Amount Code ...View the full answer
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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