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M4-8 if possible. Thank you! Determining Accounting Equation Effects of Accrual Adjustments For each of the following transactions for New Idea Corporation give the accounting
M4-8 if possible. Thank you! Determining Accounting Equation Effects of Accrual Adjustments For each of the following transactions for New Idea Corporation give the accounting effects of the adjustments required at the end of the month on July 31: Received a $600 utility bill for electricity usage in July to be paid in August. Owed wages to 10 employees who worked three days at $100 each per day at the end The company will pay employees at the end of the first week of August. On July 1, loaned money to an employee who agreed to repay the loan in one year along $1,200 for one full year of interest. No interest has been recorded yet. Recording Adjusting Journal Entries Using the intormation in M4-7, prepare the adjusting journal entries required on July 31. Preparing Journal Entries for Deferral Transactions and Adjustments For each of the following independent situations, prepare journal entries to record the initial action on September 30 and the adjustment required on October 31. Hockey Helpers paid $4,000 cash on September 30 to rent an arena for the months of Oct and November. Super Stage Shows received $16,000 on September 30 for seaso tickets that admit a theater event that will be held twice(on October 31 and November 30). Risky Ventures paid $3,000 on September 30 for insurance coverage for the month October, November, and December. Preparing Journal Entries for Deferral Transactions and Adjustments For each of the following independent
M4-8 if possible. Thank you!
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