Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

dont know how to do this partvat all a. M&R Company provided $3,100 in services to customers in December, which are not yet recorded. Those

image text in transcribed
image text in transcribeddont know how to do this partvat all
a. M\&R Company provided $3,100 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 $2,100 have been incurred but are not paid as of December 31 . c. M\&R Company has a $6,100 bank loan and has incurred (but not recorded) 6% interest expense of $366 for the year ended December 31. The company will pay the $366 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 \$610. M\&R will pay for December lawn services on January 15 following the company's year-end. e. M\&R Company has earned $310 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 $1,010 have been earned by supervisors but not paid as of December 31 . Prepare year-end adjusting journal entries for M\&R Company as of December 31 for each of the above separate cases. a. M\&R Company provided $3,100 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 $2,100 have been incurred but are not poid as of December 31 , c. MSR Company has a $6,100 bank loan and has incurred (but not recorded) 6% interest expense of $366 for the year: ended December 31. The company will pay the $366 interest in cash on January 2 following the compony's year-end. d. M\&R Company hired a firm that provided lawn services during December for $610. M R will pay for December lawn services on January 15 following the company's year-end. e. MBR Company has earned $310 in interest revenue from investments for the year ended December 31. The interest revenue will be recelved on January 15 following the company's year-end. 4. Salary expenses of $1,010 have been earned by supervisors but not paid as of December 31 . For each of the above separate cases, analyze each adjusting entry by showing is effects on the accounting equation-specifically. identify the occounts and amounts (including (t) increase or () decrease) for each transoction or event

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

Smoke And Mirrors Inc Accounting For Capitalism

Authors: Nicolas Vron, Matthieu Autret, Alfred Galichon, George Holoch

1st Edition

0801444160, 978-0801444166

More Books

Students also viewed these Accounting questions

Question

6. Have you used solid reasoning in your argument?

Answered: 1 week ago