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number 5 E4-12 (Algo) Recording Transactions Including Adjusting and Closing Journal Entries (LO 4-2, LO 4-5) The following accounts are used by Mouse Potato, Incorporated,
number 5
E4-12 (Algo) Recording Transactions Including Adjusting and Closing Journal Entries (LO 4-2, LO 4-5) The following accounts are used by Mouse Potato, Incorporated, a computer game maker Accounts Accounts Receivable Interest Revenue Accumulated Depreciation Notes Payable (long-term) Cash Retained Earnings Deferred Revenge Salaries and Wages Expense Depreciation Expense Salaries and Wages Payable Equipment Service Revenue Interest Expense Supplies Interest Payable Supplies Expense Required: For each of the following independent situations, give the journal entry by selecting the appropriate account(s) and amount(s). We've done the first one for you as an example Independent Situations Debit Account Salaries and Wages Expense Credit Amount Account Amount $ 370 Salaries and Wages Payables 370 Accrued wages, unrecorded and unpaid at year-end, $370 Service revenue collected in advance, 5570 c At year-end, Interest on notes payable not yet recorded or paid, 5190 d. Depreciation expense for year, 5850 Service revenue Barned but not yet collected at year-end, $850. Balance in Supplies account $370, supplies on hand at year-end, $135 9. Adjusted balance at yoar-end in Service Revenue account $72,000. Give the journal entry to close this one account at year and Step by Step Solution
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