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The following accounts are used by Britt's Knits Inc. Code Accounts A Cash B Office supplies c Accounts receivable D office equipment B Accumulated depreciation F Note payable G Wages payable Interest payable 1 Deferred service revenue Code Accounts J Contributed capital K Retained earnings L Service revenue M Interest revenue N Wage expense O Depreciation expense P Interest expense 0 Supplies expense R None of the above Required: For each of the following nine independent situations, give the journal entry by selecting the approprite code(s) from the drop-down menu and enter the amount(s). The first transaction is used as an example. Credit Code Debit Amount 1,100 Code Amount 1,100 N G Independent Situations a. Accrued wages, unrecorded and unpaid at year-end, $1,100. b. Service revenue earned but not yet collected at year-end, $1,300 c. Dividends declared and paid during the year. $1,600 d. Office supplies on hand during the year, $1,100, supplies on hand at year-end, $300 e. Service revenue collected in advance and not yet earned, $1,500 f. Depreciation expense for the year, $2,400 9. At year-end, interest on note payable not yet recorded or paid, $360. h. Balance at year-end in Service Revenue account, $70,000. Give the closing entry at year-end. 1. Balance at year-end in Interest Expense account, $600. Give the closing entry at year-end. Note 1: On April 1 of the current year, Warren Corporation received a $36,000, 6 percent note from a customer in settlement of a $36,000 open account receivable. According to the terms, the principal of the note and interest are payable at the end of 12 months. Warren's fiscal year ends on December 31. Note 2: On August 1 of the current year, to meet a cash shortage, Warren Corporation obtained a $36,000, 7 percent loan from a local bank. The principal of the note and interest expense are payable at the end of six months. Required: For the relevant transaction dates of each note, indicate the amounts and direction of effects on the elements of the statement of financial position and the statement of earnings. (Reminder: Assets - Liabilities + Shareholders' equity: Revenues - Expenses = Net earnings, and net earnings accounts are closed to retained earnings, a component of shareholders' equity.) (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) Statement of Financial Position Shareholders Assets Liabilities Equity Statement of Earnings Revenues Expenses Net Earnings Date Note 1: April 1 (current year) December 31 (current year) March 31 (next year) Note 2: August 1 (current year) December 31 (current year) January 31 (next year) Cayuga Ltd. prepared the following trial balance at the end of its first year of operations ended December 31. To simplify the case, the amounts given are in thousands of dollars. Other data not yet recorded at December 31 are as follows: Unadjusted Debit Credit $ 58 29 6 80 $ Account Titles Cash Accounts receivable Prepaid insurance Machinery (20-year life, no residual value) Accumulated depreciation Accounts payable Wages payable Income taxes payable Contributed capital (4,000 shares) Retained earnings (deficit) Revenues not detailed) Expenses (not detailed) Totals 68 4 124 52 $229 $229 a. Insurance expired during the year, $4. b. Depreciation expense for the year, $4. c. Wages payable, $8. d. Income tax expense, $29. Required: 1. Prepare the adjusting entries for the year. (Enter your answers in thousands of dollars. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Required: 1. Prepare the adjusting entries for the year. (Enter your answers in thousands of dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 6. Using the adjusted balances, prepare the closing entries for the year. (Enter your answers in thousands of dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record entry to transfer income or loss to retained earnings. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal