Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 3-4B Preparing adjusting (annual) and subsequent cash entries-accrued expenses [ LO4 In reviewing the accounts on September 30, 2023, for the year just ended,

image text in transcribed Problem 3-4B Preparing adjusting (annual) and subsequent cash entries-accrued expenses [ LO4 In reviewing the accounts on September 30, 2023, for the year just ended, Geek Designers discovered the following: a. The September cellphone bill for $465 was unpaid and unrecorded at September 30. It will be paid on October 5. b. Accrued wages at September 30 totalled $82,500. On October 9 , the first biweekly payday of October, $115,000 was paid to employees representing the seven days accrued on September 30 plus the first three working days in October. c. On September 30, $1,650 of cable charges were accrued regarding the past two months of usage that were not recorded or paid. This amount was paid on October 2. d. Interest of $1,220 had accrued on the bank loan as at September 30. It is to be paid on October 2. e. $1,675 of property taxes covering September were accrued on September 30. This amount was paid on October 15. Required Using the information provided above, prepare the annual adjusting journal entries at September 30 along with the appropriate subsequent cash entries

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Education

Authors: Karen Van Peursem, Elizabeth Monk, Richard M.S. Wilson, Ralph Adler

1st Edition

1138192856, 978-1138192850

More Books

Students also viewed these Accounting questions

Question

__________ It is the legal name of an organization.

Answered: 1 week ago

Question

Identify the different methods employed in the selection process.

Answered: 1 week ago

Question

Demonstrate the difference between ability and personality tests.

Answered: 1 week ago