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.
Transcribed Image Text:
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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
Debit Credit Code Amount Cod...View the full answer
Answered By
Nikka Ella Clavecillas Udaundo
I am a hard-working individual with vast experience in essay, blog, and article writing. I possess skills in network configuration, troubleshooting and managing it, research, content writing(tech, academic, and marketing) and web testing skills. I provide quality work with 100% accuracy, efficiency, and delivery within the stipulated timeline
0.00
0 Reviews
10+ Question Solved
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259864230
6th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Question Posted:
Students also viewed these Business questions
-
On December 31, 2018, Alan and Company prepared an income statement and balance sheet but failed to take into account four adjusting journal entries. The income statement, prepared on this incorrect...
-
What are three categories of employee fraud? Which is most common? Which is associated with the largest losses?
-
1. Does Lowes report more or less Cash and Cash Equivalents than The Home Depot at the end of fiscal 2016? 2. According to the companys management and independent registered public accounting firm,...
-
Pinduoduo plans to launch a new platform to compete with its competitors, JD.Com, Taobao, and Tmall. The product manager of the new platform should decide whether to leverage the social commerce...
-
Define disability.
-
Fill in each blank so that the resulting statement is true. If compound interest is paid twice a year, we say that the interest is compounded__________ . If compound interest is paid four times a...
-
Define a sequence of correlated random numbers \[ s_{k}=\alpha s_{k-1}+(1-\alpha) r_{k} \] where \(r_{k}\) is a unit-variance, uncorrelated, Gaussian pseudorandom number while \(0
-
Goldstein Semiconductors experienced the following activity in its Photolithography Department during December. Materials are added at the beginning of the photolithography process. Units: Work in...
-
A government institutes a rule that schools are allowed to sell whatever foods it chooses, provided that those foods are not high in sugar. Such a ruling is aligned with which economic system?
-
The balance sheet and income statement for Chico Electronics are reproduced below (tax rate is 40%). Required: Compute and interpret the following financial ratios of the company for Year 5: a....
-
Partial comparative income statements are presented below for Commonplace Corporation. The companys manager provides the following additional information: a. The company received a bill for $2,400 of...
-
Learn to Play, Inc., is a one-person company that provides private piano lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts. Required:...
-
In Exercises explain why the Mean Value Theorem does not apply to the function on the interval [0, 6]. 5 4 3 2 y 12 34 5 6 X
-
In this circuit, the battery has a voltage of 12 V between terminals (and a negligible internal resistance). We are told that the resistor R in the middle branch of the circuit would dissipate 1.5 W...
-
On March 1, XYZ Company bought $150 worth of supplies. At the end of March, the company had used $100 of these supplies in the business. a) What amount of expense should the company record on the...
-
At the start of the year, deft records purchases a new piece of recording equipment for $7,000. deft expects to use the equipment for 5 years and then to sell it for $500 . at the end of two years,...
-
Which of the following statements is correct? a. The stronger the linear relationship between two variables, the closer the correlation coefficient will be to 1.0. b. Two variables that are...
-
"How does the interplay between social structure and social interactions evolve over time, and what implications does this dynamic relationship have for society?"
-
What is an inventory roll-forward? What roll-forward tests should be performed?
-
ABC company leased new advanced computer equipment to STU Ltd on 1 January 2019.STULtd has to pay annual rental of $290,000 starting at 1 January 2019. It is a four years lease with ultimate rental...
-
In its most recent annual report, Appalachian Beverages reported current assets of $54,000 and a current ratio of 1.80. Assume that the following transactions were completed: (1) Purchased...
-
In its most recent annual report, Sunrise Enterprises reported current assets of $1,090,000 and current liabilities of $602,000. Required: Determine for each of the following transactions whether the...
-
The Sports Authority, Inc., is a private full-line sporting goods retailer. Assume one of the Sports Authority stores reported current assets of $88,000 and its current ratio was 1.75, and then...
-
Prepare a written network design plan to meet the above mentioned user requirements including a blueprint drawn using a modeling tool. (Ex: Microsoft Visio, Edraw Max). Support your answer by...
-
There is already one LAN at the KL site => 172.16.32.0/28. There are plans to have two more LANs at the KL site, LANs 2 and 3. Both of LANs 2 and 3 will be subnets of 172.16.32.0/24. LAN 2 requires...
-
Wikipedia is not actually produced in a competitive market, but instead is largely funded by voluntary individual donations from its users. Those users usually get a lot of value out of the existence...
Study smarter with the SolutionInn App