1. Supplies for office use were purchased during the year for $560, of which $130 remained on hand (unused) at year-end. 2. Interest of $280 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of $3,900 had not been recorded or paid. 4. At year-end, one-half of a $2,300 advertising project had been completed for a client, but nothing had been billed or collected. 5. Redeemed a gift card for $630 of services.

1. Supplies for office use were purchased during the year for $560, of which $130 remained on hand (unused) at year-end. 2. Interest of $280 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of $3,900 had not been recorded or paid. 4. At year-end, one-half of a $2,300 advertising project had been completed for a client, but nothing had been billed or collected. 5. Redeemed a gift card for $630 of services.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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