a. M&R Company provided $3,100 in services to customers in December, which are not yet recorded. Those customers are expected to pay the company in January following the company's year-end. b. Wage expenses of $2,100 have been incurred but are not paid as of December 31. c. M&R Company has a $6,100 bank loan and has incurred (but not recorded) 6% interest expense of $366 for the year ended December 31. The company will pay the $366 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 $610. M&R will pay for December lawn services on January 15 following the company's year-end. e. M&R Company has earned $310 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-end. f. Salary expenses of $1,010 have been earned by supervisors but not paid as of December 31. Exercise 3-11 (Algo) Preparing adjusting entries-accrued revenues and expenses LO P3, P4 Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the above separate cases. View transaction list Journal entry worksheet < 1 2 3 4 Note: Enter debits before credits. 5 6 M&R Company provided $3,100 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. Debit Credit
a. M&R Company provided $3,100 in services to customers in December, which are not yet recorded. Those customers are expected to pay the company in January following the company's year-end. b. Wage expenses of $2,100 have been incurred but are not paid as of December 31. c. M&R Company has a $6,100 bank loan and has incurred (but not recorded) 6% interest expense of $366 for the year ended December 31. The company will pay the $366 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 $610. M&R will pay for December lawn services on January 15 following the company's year-end. e. M&R Company has earned $310 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-end. f. Salary expenses of $1,010 have been earned by supervisors but not paid as of December 31. Exercise 3-11 (Algo) Preparing adjusting entries-accrued revenues and expenses LO P3, P4 Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the above separate cases. View transaction list Journal entry worksheet < 1 2 3 4 Note: Enter debits before credits. 5 6 M&R Company provided $3,100 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the
Transcribed Image Text:a. M&R Company provided $3,100 in services to customers in December, which are not yet recorded. Those customers
are expected to pay the company in January following the company's year-end.
b. Wage expenses of $2,100 have been incurred but are not paid as of December 31.
c. M&R Company has a $6,100 bank loan and has incurred (but not recorded) 6% interest expense of $366 for the year
ended December 31. The company will pay the $366 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 $610. M&R will pay for December lawn
services on January 15 following the company's year-end.
e. M&R Company has earned $310 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-end.
f. Salary expenses of $1,010 have been earned by supervisors but not paid as of December 31.
Exercise 3-11 (Algo) Preparing adjusting entries-accrued revenues and expenses LO P3, P4
Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the above separate cases.
View transaction list
Journal entry worksheet
1
2
3
Transaction
Note: Enter debits before credits.
4
5
M&R Company provided $3,100 in services to customers in December. Those
customers are expected to pay the company sometime in January following
the company's year-end.
6
General Journal
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