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Any help with these two pages would be awesome. Intermediate Accounting. Thank you Wages Due On Friday, 08-27-19, Johnson paid weekly wages of $10,000. Johnson
Any help with these two pages would be awesome. Intermediate Accounting. Thank you
Wages Due On Friday, 08-27-19, Johnson paid weekly wages of $10,000. Johnson has a 5-day es of $10,000. Johnson has a 5-day work week.. Debit Credit Adjusting Journal Entry: Record the entry needed at the end of August to show that two days (8-30 & 8-31) of wages are due. Debit Credit 4. ACCRUING UNCOLLECTED & UNRECORDED REVENUE a. Sale Was Made-Invoice Not Sent On August 31, 2019, Johnson sold a printer for $250, but the invoice wasn't prepared, nor sent to the customer. Adjusting Journal Entry: Record the entry needed at the end of August to show that a sale was made and revenue was earned. Debit Credit b. Revenue earned for a loan made to another person or company On 09-30-19, Johnson lent $60,000 to a friend at 10% (yearly rate), for 1 year. Debit Credit Adjusting Journal Entry: Record the entry needed at the end of October to show that one month of unpaid & unrecorded interest was earned. First, record the proper amount of interest. Then, record interest earned for the month of October. Debit Credit CRUING UNPAID & UNRECORDED EXPENSES Interest Owed 06-30-19, Johnson borrowed $24,000 from a local bank at 6% (yearly rate), for 1 year. Debit Credit Adjusting Journal Entry: Record the entry needed at the end of July to show that one month of unpaid & unrecorded interest must be accrued. First, record the proper amount of interest. Then, record interest expense for the month of July. Debit Credit b. Liability Was Incurred - Bill Not Received Johnson never received the water bill for July. Normally this utility bill is about $100 per month. Adjusting Journal Entry: Record the entry needed at the end of July to accrue the amount of $100. Debit Credit
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