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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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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