A r Duilding G Cash Y H Z 1 Depreciation Expense AA J Dividends BB K Equipment EE L Federal Income Tax Withheld Payable FF M Federal Unemployment Taxes Payable GG N FICA Taxes Payable HH O Income Summary II P Income Taxes Payable JJ Q Interest Expense KK R Interest Payable LL S Land MM T Land Improvement NN Unearned Rent Revenue Cost of Goods Sold INOLES Payable Payroll Tax Expense Rent Revenue Example of Answer: G3000D B2000D GG5000C Retained Earnings Salaries and Wages Expense Sales Sales Returns Service Revenues Sales Taxes Payable Shipping Expense State Income Tax Withheld Payable State Unemployment Taxes Payable Supplies Tax Expense Where each box represents a journal entry line. In the first box, G denotes Cash account, 3000 is the amount, D stands for debit. In the second box: B denotes Accounts Receivable account, 2000 is the amount, D stands for debit. And in third box: GG denotes Service Revenues, 5000 is the amount, and C stands for credit. The letters are in the capital. Don't use dollar sign, decimal point, comma, or space in any place. If an entry requires more than one debit or credit accounts, first enter debit accounts (in order of dollar amount - large amount to small amount), then the credit accounts (in order of dollar amount - large amount to small amount). Question: On March 1st, 2022, JP borrowed $100,000 from bank by signing a one-year 6% note. The principal & interest has to be paid at the maturity of the note on March 1, 2023. Provide the adjusting journal entry that JP Company must make at the end of the year on Dec. 31st of 2022.
A r Duilding G Cash Y H Z 1 Depreciation Expense AA J Dividends BB K Equipment EE L Federal Income Tax Withheld Payable FF M Federal Unemployment Taxes Payable GG N FICA Taxes Payable HH O Income Summary II P Income Taxes Payable JJ Q Interest Expense KK R Interest Payable LL S Land MM T Land Improvement NN Unearned Rent Revenue Cost of Goods Sold INOLES Payable Payroll Tax Expense Rent Revenue Example of Answer: G3000D B2000D GG5000C Retained Earnings Salaries and Wages Expense Sales Sales Returns Service Revenues Sales Taxes Payable Shipping Expense State Income Tax Withheld Payable State Unemployment Taxes Payable Supplies Tax Expense Where each box represents a journal entry line. In the first box, G denotes Cash account, 3000 is the amount, D stands for debit. In the second box: B denotes Accounts Receivable account, 2000 is the amount, D stands for debit. And in third box: GG denotes Service Revenues, 5000 is the amount, and C stands for credit. The letters are in the capital. Don't use dollar sign, decimal point, comma, or space in any place. If an entry requires more than one debit or credit accounts, first enter debit accounts (in order of dollar amount - large amount to small amount), then the credit accounts (in order of dollar amount - large amount to small amount). Question: On March 1st, 2022, JP borrowed $100,000 from bank by signing a one-year 6% note. The principal & interest has to be paid at the maturity of the note on March 1, 2023. Provide the adjusting journal entry that JP Company must make at the end of the year on Dec. 31st of 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:A
r Duilding
G Cash
Y
H
Z
1 Depreciation Expense
AA
J Dividends
BB
K Equipment
EE
L Federal Income Tax Withheld Payable FF
M Federal Unemployment Taxes Payable GG
N FICA Taxes Payable
HH
O Income Summary
II
P Income Taxes Payable
JJ
Q Interest Expense
KK
R Interest Payable
LL
S Land
MM
T Land Improvement
NN Unearned Rent Revenue
Cost of Goods Sold
INOLES Payable
Payroll Tax Expense
Rent Revenue
Example of Answer: G3000D B2000D GG5000C
Retained Earnings
Salaries and Wages Expense
Sales
Sales Returns
Service Revenues
Sales Taxes Payable
Shipping Expense
State Income Tax Withheld Payable
State Unemployment Taxes Payable
Supplies
Tax Expense
Where each box represents a journal entry line. In the first box, G denotes Cash account,
3000 is the amount, D stands for debit. In the second box: B denotes Accounts
Receivable account, 2000 is the amount, D stands for debit. And in third box: GG
denotes Service Revenues, 5000 is the amount, and C stands for credit.
The letters are in the capital. Don't use dollar sign, decimal point, comma, or space in any
place.
If an entry requires more than one debit or credit accounts, first enter debit accounts (in
order of dollar amount - large amount to small amount), then the credit accounts (in
order of dollar amount - large amount to small amount).
Question: On March 1st, 2022, JP borrowed $100,000 from bank by signing a one-year
6% note. The principal & interest has to be paid at the maturity of the note on March 1,
2023. Provide the adjusting journal entry that JP Company must make at the end of the
year on Dec. 31st
of 2022.
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