Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
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Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $500, of which $100 remained on hand (unused) at year-end. 2. Interest of $250 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of $3,600 had not been recorded or paid. 4. At year-end, one-half of a $2,000 advertising project had been completed for a client, but nothing had been billed or collected. 5. Redeemed a gift card for $600 of services. View transaction list Journal entry worksheet A B C D E > Record the entry for supplies used during the year. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $500, of which $100 remained on hand (unused) at year-end. 2. Interest of $250 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of $3,600 had not been recorded or paid. 4. At year-end, one-half of a $2,000 advertising project had been completed for a client, but nothing had been billed or collected. 5. Redeemed a gift card for $600 of services. View transaction list Journal entry worksheet A B C D E > Record the entry for supplies used during the year. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
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Adjusting entries are made to realize the accrual basis of accounting and its extension of the match... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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