The following accounts are used by Britt's Knits, Inc. Required: For each of the following nine independent
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Required:
For each of the following nine independent situations, prepare the journal entry by entering the appropriate code(s) and amount(s). The first transaction is used as an example.
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Codes Accounts Codes Accounts J Common Stock and Additional Paid-in Capital K Retained Earnings A Cash B Office Supplies C Accounts Receivable D Office Equipment E Accumulated Depreciation F Note Payable G Wages Payable HInterest Payable I Unearned Service Revenue Service Revenue M Interest Revenue N Wage Expense O Depreciation Expense P Interest Expense Supplies Expense R None of the above DEBIT CREDIT Independent Situations Code Amount Code Amount a. Accrued wages, unrecord led and unpaid at year-end. N400G400 $400 (example) b. Service revenue earned but not yet collected at year-end, S600 c. Dividends declared and paid during the year, $900 d. Office supplies on hand during the year, $400; sup e. Service revenue collected in advance and not yet plies on hand at year-end, $160. earned, $800 Depreciation expense for the year, $1,000 g. At year-end, interest on note payable not yet recorded or paid, $220 h. Balance at year-end in Service Revenue account $56,000. Prepare the closing entry at year-end. Balance at year-end in Interest Expense account, $460 Prepare the closing entry at year-end
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Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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