Exercise 3-5 Preparing adjusting entries-accrued revenues and expenses LO P3, P4 12 a. M&R Company provided $2,500 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $1,500 have been incurred but are not paid as of December 31 c. M&R Company has a $5,500 bank loan and has incurred (but not recorded) 8% interest expense of $440 for the year ended December 31. The company will pay the $440 interest in cash on January 2 following the company's year-end. d. M&R Company hired a firm that provided lawn services during December for $550. M&R will pay for December lawn services on January 15 following the company's year-end. e. M&R Company has earned $250 in interest revenue from investments for the year ended December 31. The interest revenue will be received on January 15 following the company's year-endi f. Salary expenses of $950 have been earned by supervisors but not paid as of December 31 Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the above separate cases. References