1. Record the following adjusting entries to reflect the accrual and deferral of expense and revenue for...
Question:
1. Record the following adjusting entries to reflect the accrual and deferral of expense and revenue for the ending of December 31.
2.After you have journalized and posted the transactions, record the adjusting entries on the worksheet.
a - Recognized the interest income accumlated on $5,000 note bearing interest of 10% dated a month before the accounting period.
b- Interest expense incurred but not yet paid on the promissory note amounted to $50.
c- Recognized that the cleaning income which previously received but not yet earned 10% of $9000.
d- Accrued salaries for the last three days in the old year amounting to $1,500
e- Supplies used during the accounting period amounted to $300
f- Insurance records indicate that $800 of the insurance expired during the period.
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood