Question
On December 31, 2016, Mason Company made the following proper year-end adjusting entries: PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1
On December 31, 2016, Mason Company made the following proper year-end adjusting entries:
PAGE 1
GENERAL JOURNAL
DATE | ACCOUNT TITLE | POST. REF. | DEBIT | CREDIT | |
---|---|---|---|---|---|
1 |
| Adjusting Entries |
|
|
|
2 | Dec. 31 | Bad Debts Expense |
| 530.00 |
|
3 |
| Allowance for Doubtful Accounts |
|
| 530.00 |
4 | 31 | Salaries Expense |
| 940.00 |
|
5 |
| Salaries Payable |
|
| 940.00 |
6 | 31 | Unearned Rent |
| 1,230.00 |
|
7 |
| Rent Revenue |
|
| 1,230.00 |
8 | 31 | Interest Expense |
| 220.00 |
|
9 |
| Interest Payable |
|
| 220.00 |
10 | 31 | Rent Receivable |
| 310.00 |
|
11 |
| Rent Revenue |
|
| 310.00 |
12 | 31 | Depreciation Expense |
| 5,100.00 |
|
13 |
| Accumulated Depreciation |
|
| 5,100.00 |
14 | 31 | Insurance Expense |
| 312.00 |
|
15 |
| Prepaid Insurance |
|
| 312.00 |
16 | 31 | Interest Receivable |
| 225.00 |
|
17 |
| Interest Income |
|
| 225.00 |
18 | 31 | Office Supplies |
| 100.00 |
|
19 |
| Office Supplies Expense |
|
| 100.00 |
20 | 31 | Advances to Sales Personnel |
| 300.00 |
|
21 |
| Salaries Expense |
|
| 300.00 |
22 | 31 | Income Tax Expense |
| 4,300.00 |
|
23 |
| Income Taxes Payable |
|
| 4,300.00 |
Additional information:
1. | The interest payable is due July 1, 2017. |
2. | The interest receivable is due February 18, 2018. |
Required: | |
Prepare journal entries to record whatever reversing entries you think are appropriate. |
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