Do the entries below look correct for the following line items? June 21: The following expenses accrued and are to be paid in a later month: Pension Expense $60,000, Health Insurance Expense $50,000, and Professional Fees $10,000. 21-Jun Pension Expense $ 60,000 Health Insurance Expense $ 50,000 Professional Fees Expense $ 10,000 Cash $ 120,000 September 8: Mr. Burns paid the expenses accrued on June 21. The accrued expenses were paid with one check transaction. 8-Sep Pension Payable $ 60,000 Health Insurance Payable $ 50,000 Professional Fees Payable $ 10,000 Accrued Expenses $ 120,000
Do the entries below look correct for the following line items? June 21: The following expenses accrued and are to be paid in a later month: Pension Expense $60,000, Health Insurance Expense $50,000, and Professional Fees $10,000. 21-Jun Pension Expense $ 60,000 Health Insurance Expense $ 50,000 Professional Fees Expense $ 10,000 Cash $ 120,000 September 8: Mr. Burns paid the expenses accrued on June 21. The accrued expenses were paid with one check transaction. 8-Sep Pension Payable $ 60,000 Health Insurance Payable $ 50,000 Professional Fees Payable $ 10,000 Accrued Expenses $ 120,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do the entries below look correct for the following line items?
June 21: The following expenses accrued and are to be paid in a later month: Pension Expense $60,000, Health Insurance Expense $50,000, and Professional Fees $10,000.
21-Jun | Pension Expense | $ 60,000 | ||
Health Insurance Expense | $ 50,000 | |||
Professional Fees Expense | $ 10,000 | |||
Cash | $ 120,000 |
September 8: Mr. Burns paid the expenses accrued on June 21. The accrued expenses were paid with one check transaction.
8-Sep | Pension Payable | $ 60,000 | ||
Health Insurance Payable | $ 50,000 | |||
Professional Fees Payable | $ 10,000 | |||
Accrued Expenses | $ 120,000 |
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