Account Cash Accounts Receivable Debit Credit 1. An analysis indicates that prepaid rent on December 31 should be $2,300. 2. A physical inventory shows that $650 of office supplies is on hand. 3. Depreciation for 2019 is $35,250. 4. An analysis indicates that unearned service revenue should be $3,120. 5. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end. 6. Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded. 7. Income taxes of $55,539 are owed but unrecorded and unpaid. $ 3,100 15,900 Supplies Prepaid Rent Equipment Accumulated Depreciation 4,200 9,500 625,000 $ 104,000 Other Assets 60,900 Accounts Payable 9,400 Unearned Service Revenue 11,200 Note Payable (due 2022) 50.000 Common Stock 279,500 Retained Earnings, 12/31/2018 37,000 Service Revenue Wages Expense Rent Expense Interest Expense 598,000 137,000 229,000 4,500 Total $1,089,100 $1,089,100

Account Cash Accounts Receivable Debit Credit 1. An analysis indicates that prepaid rent on December 31 should be $2,300. 2. A physical inventory shows that $650 of office supplies is on hand. 3. Depreciation for 2019 is $35,250. 4. An analysis indicates that unearned service revenue should be $3,120. 5. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end. 6. Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded. 7. Income taxes of $55,539 are owed but unrecorded and unpaid. $ 3,100 15,900 Supplies Prepaid Rent Equipment Accumulated Depreciation 4,200 9,500 625,000 $ 104,000 Other Assets 60,900 Accounts Payable 9,400 Unearned Service Revenue 11,200 Note Payable (due 2022) 50.000 Common Stock 279,500 Retained Earnings, 12/31/2018 37,000 Service Revenue Wages Expense Rent Expense Interest Expense 598,000 137,000 229,000 4,500 Total $1,089,100 $1,089,100

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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Question 3?
The Eldorado Corporation's controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2021: Debit Credit Interest expense 5,400 Interest payable Rent expense Prepaid rent Interest receivable Interest revenue 5,400 17,500 17,500 450 450 Additional information: 1. The company borrowed $180,000 on March 31, 2021. Principal and interest are due on March 31, 2022. This note is the company's only interest-bearing debt. 2. Rent for the year on the company's office space is $42,000. The rent is paid in advance. 3. On October 31, 2021, Eldorado lent money to a customer. The customer signed a note with principal and interest at 3.0% due in one year. Required: 1. What is the interest rate on the company's note payable? 2. The 2021 rent payment was made at the beginning of which month? (Do not round your intermediate calculation.) 3. How much did Eldorado lend its customer on October 31?
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