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You are to record journal entries in proper format for Pine Ltd. (Pine) for each transaction that follows. Below is a grid for journal entries;
You are to record journal entries in proper format for Pine Ltd. (Pine) for each transaction that follows. Below is a grid for journal entries; there are extra rows in the grid. Debits must come before and be on a separate line from credits. You are not required to provide explanations, but you should show calculations. You can click on the grid to make the grid larger on your screen. 6 marks per journal entry. a) Pine paid suppliers amount owing on accounts payable of $500. b) Pine billed customers $750 for services performed on account. An entry is needed to accrue the amount owing. c) Pine collected $600 owing from customers from the previous transaction. d) Pine has a $20,000 loan payable with an annual interest rate of 6%. An entry is needed to accrue one month of interest owing. The interest will be paid next month. e) Pine adjusted for $300 of salaries owing to employees for work done during the period. f) Pine has equipment that cost $30,000 and is being depreciated on a straight-line basis over four years. An entry is needed to record depreciation for the year. g) Pine prepared a closing entry to close out revenues of $35,000. Debit account Credit account Debit $ Credit $ b) d) f)
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