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Required information Skip to question [The following information applies to the questions displayed below.] M&R Company provided $2,600 in services to customers in December, which
Required information
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[The following information applies to the questions displayed below.]
- M&R Company provided $2,600 in services to customers in December, which are not yet recorded. Those customers are expected to pay the company in January following the companys year-end.
- Wage expenses of $1,600 have been incurred but are not paid as of December 31.
- M&R Company has a $5,600 bank loan and has incurred (but not recorded) 7% interest expense of $392 for the year ended December 31. The company will pay the $392 interest in cash on January 2 following the companys year-end.
- M&R Company hired a firm that provided lawn services during December for $560. M&R will pay for December lawn services on January 15 following the companys year-end.
- M&R Company has earned $260 in interest revenue from investments for the year ended December 31. The interest revenue will be received on January 15 following the companys year-end.
- Salary expenses of $960 have been earned by supervisors but not paid as of December 31.
For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equationspecifically, identify the accounts and amounts (including (+) increase or () decrease) for each transaction or event.
For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event. Assets = Liabilities + Equi a. = + b. = + c. + d. = + le +
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