To purchase equipment and supplies, ProPaint, Inc. borrowed $30,000 on August 1 by signing a note payable to First Nations Bank. Interest expense for ProPaint, Inc. is $200 per month. Journalize an adjusting entry to accrue interest expense at December 31, assuming no other adjusting entries have been made for the year. Use T-accounts to post to the two accounts affected by the adjustment.
Answer to relevant QuestionsWild Wonders, an outdoor magazine, collected $2,400 on April 1 for one-year subscriptions from subscribers in advance. Journalize and use T-accounts to post the adjusting entry on December 31 to record the revenue that Wild ...The following post-closing trial balance was prepared for Cunningham Photography, Inc. Prepare a corrected post-closing trial balance. Assume all accounts have normal balances and the amounts are correct. Journalize the adjusting entries for the following adjustments at December 31, the end of the accounting period, omitting explanations. a. Employee salaries owed for Monday through Thursday of a five-day workweek equals ...From the following accounts of Resch Restore, Inc. prepare the business’s statement of retained earnings for the year ended January 31, 2013: The adjusting entries for the following adjustments were omitted at year-end: a. Prepaid rent expired, $2,500. b. Depreciation, $1,000. c. Employee salaries owed for Monday through Wednesday of a five-day work-week, ...
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