Emily Consultants Company has a fiscal year ending December 31. For each of the following independent...
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Emily Consultants Company has a fiscal year ending December 31. For each of the following independent situations, indicate the journal entry by selecting the appropriate account descriptions and enter the amount(s). The first transaction is used as an example. Independent Situations. a. Accrued wages, unrecorded and unpaid at year-end, $480. b. Service revenue earned but not yet collected at year-end, $680. c. Dividends declared during the year, $980, to be paid next year. d. Office supplies on hand during the year, $480; supplies on hand at year-end, $240. e. Service revenue collected from customers in advance during the year, $1,580. f. Depreciation expense for the year, $1,080. g. Earned all but $800 of (e) by the end of the year. h. Sold $2,800 in investments at a gain of $230. i. Interest on $9,000, 8 percent note payable (borrowed on October 1 of this year); not yet recorded or paid at year end. j. Indicate the closing entry based on balances at year-end in the following accounts: j. Service revenue, $194,000 j. Interest revenue, $75 j. Gain on sale of investments, $230 j. Wage expense, $138,000 j. Depreciation expense, $1,080 j. Interest expense, $180 j. Supplies expense, $240 j. Dividends payable, $980 j. Income tax expense, $1,900 Account Debit Wage Expense Accounts Receivable Dividends payable Supplies Expense Cash Depreciation Expense Cash Cash Gain on sale of investments Amount Account Credit 480 Wages Payable 680 Service Revenue 980 Cash 240 Office Supplies 1.580 Unearned Service Revenue 1,080 Accumulated Depreciation 780 Unearned Service Revenue 2.800 230 Amount 480 680 980 240 1,580 1,080 800 Emily Consultants Company has a fiscal year ending December 31. For each of the following independent situations, indicate the journal entry by selecting the appropriate account descriptions and enter the amount(s). The first transaction is used as an example. Independent Situations. a. Accrued wages, unrecorded and unpaid at year-end, $480. b. Service revenue earned but not yet collected at year-end, $680. c. Dividends declared during the year, $980, to be paid next year. d. Office supplies on hand during the year, $480; supplies on hand at year-end, $240. e. Service revenue collected from customers in advance during the year, $1,580. f. Depreciation expense for the year, $1,080. g. Earned all but $800 of (e) by the end of the year. h. Sold $2,800 in investments at a gain of $230. i. Interest on $9,000, 8 percent note payable (borrowed on October 1 of this year); not yet recorded or paid at year end. j. Indicate the closing entry based on balances at year-end in the following accounts: j. Service revenue, $194,000 j. Interest revenue, $75 j. Gain on sale of investments, $230 j. Wage expense, $138,000 j. Depreciation expense, $1,080 j. Interest expense, $180 j. Supplies expense, $240 j. Dividends payable, $980 j. Income tax expense, $1,900 Account Debit Wage Expense Accounts Receivable Dividends payable Supplies Expense Cash Depreciation Expense Cash Cash Gain on sale of investments Amount Account Credit 480 Wages Payable 680 Service Revenue 980 Cash 240 Office Supplies 1.580 Unearned Service Revenue 1,080 Accumulated Depreciation 780 Unearned Service Revenue 2.800 230 Amount 480 680 980 240 1,580 1,080 800
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0073396958
2nd edition
Authors: David Haddock, John Price, Michael Farina
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