Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete adjusting entries for the following transactions. Choose from the following accounts: Interest Expense, Insurance Expense, Legal Expense, Salary Expense, Tax Expense, Interest Revenue, Insurance

Complete adjusting entries for the following transactions.

Choose from the following accounts: Interest Expense, Insurance Expense, Legal Expense, Salary Expense, Tax Expense, Interest Revenue, Insurance Revenue, Legal Revenue, Salary Revenue, Tax Revenue, and Prepaid Expense, Unearned Revenue, Interest Receivable, Insurance Receivable, Tax Payable

Do NOT enter dollar signs or commas when entering the dollar amounts

1.Unrecorded interest accrued on savings bonds is $410.

Debit Account

Amount

Credit Account

Amount

2.Property taxes incurred but not paid or recorded amount to $800.

Debit Account

Amount

Credit Account

Amount

3.Legal service revenues of $4,000 were collected in advance. By year end $900 was still unearned.

Debit Account

Amount

Credit Account

Amount

4.Prepaid insurance had a $500 debit balance prior to adjustment. By year end, 60 percent was still unexpired.

Debit Account

Amount

Credit Account

Amount

5.Salaries incurred by year end but not yet paid or recorded amounted to $650.

Debit Account

Amount

Credit Account

Amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

10th Edition

1119491630, 978-1119491637, 978-0470534793

More Books

Students also viewed these Accounting questions

Question

Why is a companys informal organization important?

Answered: 1 week ago

Question

Describe how to distinguish needs from wants.

Answered: 1 week ago