Answered step by step
Verified Expert Solution
Question
1 Approved Answer
12 a. b. C. For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically, identify the
12 a. b. C. For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event. d. e. Required information [The following information applies to the questions displayed below.] f. a. M&R Company provided $2,000 in services to customers in December, which are not yet recorded. Those customers are expected to pay the company in January following the company's year-end. b. Wage expenses of $1,000 have been incurred but are not paid as of December 31. c. M&R Company has a $5,000 bank loan and has incurred (but not recorded) 8% interest expense of $400 for the year ended December 31. The company will pay the $400 interest in cash on January 2 following the company's year-end. d. M&R Company hired a firm that provided lawn services during December for $500. M&R will pay for December lawn services on January 15 following the company's year-end. e. M&R Company has earned $200 in interest revenue from investments for the year ended December 31. The interest revenue will be received on January 15 following the company's year-end. f. Salary expenses of $900 have been earned by supervisors but not paid as of December 31. Accounts receivable Wages expense Interest expense Lawn services expense Interest receivable Salary expense Assets (+) increase X (+) increase X(+) increase X(+) increase (+) increase X (+) increase increas XXXXXX 2,000 0 0 0 200 = 900 X = Wages payable Interest payable Lawn services payable Salary payable X Answer is not complete. Liabilities (+) increase (+) increase (+) increase (+) increase 1,000 400 500 900 + + + + + Wages expense Interest expense Lawn services expense Interest revenue Salary expense 33 Equity (+) increase (-) decrease (-) decrease (-) decrease (+) increase (-) decrease 2,000 (1,000) (400) (500) 200 (900)
pls help , says answe is not complete
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started