I have posted this question multiple times, but I have not received the right answers. Please help me, and leave the calculations to you answers. Thank you
Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,000 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $325 of interest on a loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year-end, the company holds a mortgage payable that has incurred $950 in annual interest that is neither recorded nor paid. The company intends to pay the interest on January 7 of the next year. Answer is complete but not entirely correct. a. Accumulated Depreciation: The Krug Company's Accumulated Depreciation account has a $17,000 balance to start the year. A review of depreciation schedules reveals that $325 of depreciation expense must be recorded for the year. Debit or Credit? Credit Step 1: Determine what the current account balance equals. $ 17,000 Accumulated depreciation 17,000 325 Step 2: Determine what the current account balance should equal. $ 17,325 Credit 17,325 Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Adjusting Entry Debit Depreciation expense 325 Accumulated depreciation 325 b. Accumulated Depreciation: The company has only one plant asset (truck) that it purchased at the start of this year. That asset had cost $950, had an estimated life of five years, and is expected to have zero value at the end of the five years. The company uses straight line depreciation method to calculate its depreciation. b. Accumulated Depreciation: The company has only one plant asset (truck) that it purchased at the start of this year. That asset had cost $950, had an estimated life of five years, and is expected to have zero value at the end of the five years. The company uses straight line depreciation method to calculate its depreciation. Accumulated depreciationTruck 0 Step 1: Determine what the current account balance equals. $ 0 Debit or Credit? 190 Step 2: Determine what the current account balance should equal. $ 190 X Credit 190 Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Adjusting Entry Debit Depreciation expense Truck 190 x Accumulated depreciationTruck 190 X c. Accumulated Depreciation: The company has only one plant asset (equipment) that it purchased at the start of this year. That asset had cost $325, had an estimated life of seven years, and is expected to be valued at $950 at the end of the seven years. The company uses straight line depreciation method to calculate its depreciation. Accumulated depreciation- Equipment Step 1: Determine what the current account balance equals. 0 0 Debit or Credit? 89 Step 2: Determine what the current account balance should equal. $ 89 X Credit 89 Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Adjusting Entry Debit Depreciation expense-Equipment Accumulated depreciationEquipment 89 89 X
