Question 31 of 33 - /5 Service Revenue 26000 5 Supplies 4400 Accounts Payable 4400 6 Rent Expense 5480 Cash 5480 7 Accounts Receivable 10000 Service Revenue 10000 8 Salaries Expense 28000 Cash 28000 9 Dividends Declared 11000 Cash 11000 10 Income Tax Payable 340 340 Cash Question 32 of 33 - /20 = View Policies Current Attempt in Progress The following information is available for the year-ended December 31, 2022 for Sport Court Resurfacing (SCR) Corporation; 1. 2. On April 1, 2022 signed a bank loan for $9.400 with interest and principal repayable in one-year. The interest rate on the loan is 4% SCR pays its employees $30,600 every other Friday which reflects a 2-week pay period or 10 working days (Monday to Friday each week). December 31, 2022 falls on a Monday so employees will not get paid for the work they completed on this day until January 11, 2023. The total amount of salaries paid on January 11, 2023 was $30,600. Estimated income tax payable for the year end is $7,380 which is payable January 31, 2023. Utility expenses of $490 for the month of December were unrecorded and unpaid. They are due January 21, 2023. SCR provided tennis court resurfacing to a local tennis club. At the end of the year the club owed SCR $18.400. SCR billed the club on January 2, 2023 and collected the full amount on January 10, 2023. 3. 4. 5. Prepare the adjusting entries required on December 31, assuming SCR records adjusting entries annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Question 32 of 33 - /20 Date Account Titles and Explanation Interest Expense Debit Dec. 31 Credit 282 Interest Payable 282 Dec. 31 Salaries Expense 30600 Salaries Payable 30600 Dec. 31 Income Tax Expense 7380 Income Tax Payable 7380 Dec. 31 Utilities Expense 490 Accounts Payable 490 Dec. 31 Accounts Receivable 18400 Deferred Revenue 18400 List of Accounts Question 32 of 33 - /20 Prepare the subsequent entry for each accrual as follows: (1) collection of the $18.400 on January 10, 2023; (2) payment of salaries on January 11, 2023: (3) payment of utility expenses on January 21, 2023; (4) payment of income tax on January 31 2023; and (5) repayment of bank loan on March 31, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit 18400 Jan 10 Cash Accounts Receivable 1840 Jan. 11 Salaries Expense 3060 Salaries Payable 27540 Cash 3060 Jan 21 Accounts Payable 490 49 Cash 7380 Jan 31 Income Tax Payable 738 Cash Mar 31 Interest Payable Question 32 of 33 - / 20 Salaries Payable 27540 Cash 3060 Jan. 21 V Accounts Payable 490 Cash 49 Jan. 31 > Income Tax Payable 7380 Cash 738 Mar 31 > Interest Payable Interest Expense Bank Loan Payable List of Accounts
