The following accounts are used by Mouse Potato, Inc., a computer game maker. Required: For each of
Question:
The following accounts are used by Mouse Potato, Inc., a computer game maker.
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.
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Accounts Codes Codes Accounts Accounts Receivable Accumulated Depreciation Cash Deferred Revenue Depreciation Expense Equipment Interest Expense Interest Payable Interest Revenue Notes Payable (long-term) Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies Supplies Expense B K N Н Debit Credit Independent Situations Code Amount Code Amount Accrued wages, unrecorded and unpaid at year- end, $400 (example). a. 400 400 b. Service revenue collected in advance, $600. At year-end, interest on notes payable not yet recorded or paid, $220. C. d. Depreciation expense for year, $1,000. Service revenue earned but not yet collected at year-end, $1,000. e. Balance in Supplies account, $400; supplies on hand at year-end, $150. f. Adjusted balance at year-end in Service Revenue account, $75,000. Give the journal entry to close this one account at year-end. g.
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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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