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You are to record journal entries for Wildflower Ltd. (Wildflower) for transactions a through j that follow in the grid below. Wildflower has a December
You are to record journal entries for Wildflower Ltd. (Wildflower) for transactions a through j that follow in the grid below. Wildflower has a December 31 year-end.
Debits must come before and be on a separate line from credits.
a) On December 1st, Wildflower signed a 6%, three-month $25,000 nate payable. An entry is needed on December 31st for interest owing. b) Wildflower's unadjusted trial balance shows equipment of $50,000 and accumulated depreciation, equipment of $15,000. The equipment is depreciated on a straight-line basis aver 5 years. A depreciation entry for the current year is needed. c) Wildflower's unadjusted trial balance shows unearned service revenue of $6,000. By year-end, $4,000 of this balance was still unearned
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