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a . M&R Company provided $ 2 , 7 0 0 in services to customers in December, which are not yet recorded. Those customers are
a M&R Company provided $ 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 yearend.
b Wage expenses of $ have been incurred but are not paid as of December
c M&R Company has a $ bank loan and has incurred but not recorded interest expense of $ for the year
ended December The company will pay the $ interest in cash on January following the company's year
end.
d M&R Company hired a firm that provided lawn services during December for $ M&R will pay for December lawn
services on January following the company's yearend.
e M&R Company has earned $ in interest revenue from investments for the year ended December The interest
revenue will be received on January following the company's yearend.
f Salary expenses of $ have been earned by supervisors but not paid as of December
Prepare yearend adjusting journal entries for M&R Company as of December for each of the above separate cases.
a On April the company hired an attorney for April for a flat fee of $ Payment for April legal services was made by the
company on May
b As of April $ of interest expense has accrued on a note payable. The full interest payment of $ on the note is due
on May
workweek. April falls on a Tuesday, which means that the employees had worked two days since the last payday. The next
payday is May
The above three separate situations require adjusting journal entries to prepare financial statements as of April For each situation,
present both the April adjusting entry and the subsequent entry during May to record payment of the accrued expenses.
On April the company hired an attorney for April for a flat fee of $
Payment for April legal services was made by the company on May Prepare
the required adjusting entry, if any.
Record the payment of legal fees.
As of April $ of interest expense has accrued on a note payable. The
full interest payment of $ on the note is due on May Prepare the
required adjusting entry, if any.
Record the payment of interest.
Total weekly salaries expense for all employees is $ This amount is
paid at the end of the day on Friday of each fiveday workweek. April falls
on Tuesday, which means that the employees had worked two days since the
last payday. The next payday is May Prepare the required adjusting entry, if
Record the payment of salaries.
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