Emily Consultants Company has a fiscal year ending December 31. For each of the following independent situations, indicate the journal entry by selecting the appropriate account descriptions and enter the amount(s). The first transaction is used as an example. Independent Situations. a. Accrued wages, unrecorded and unpaid at year-end, $430. b. Service revenue earned but not yet collected at year-end, $630. c. Dividends declared during the year, $930, to be paid next year. d. Office supplies on hand during the year, $430; supplies on hand at year-end, $190. e. Service revenue collected from customers in advance during the year, $1,530. f. Depreciation expense for the year, $1,030. g. Earned all but $860 of (e) by the end of the year. h. Sold $2,300 in investments at a gain of $180. i. Interest on $6,500, 8 percent note payable (borrowed on October 1 of this year); not yet recorded or paid at year end. Indicate the closing entry based on balances at year-end in the following accounts: j. Service revenue, $189,000 j. Interest revenue, $50 j. Gain on sale of investments, $180 j. Wage expense, $133,000 j. Depreciation expense, $1,030 j. Interest expense, $130 j. Supplies expense, $240 j. Dividends payable, $930 j. Income tax expense, $1,400 Answer is not complete. Debit Account Wage Expense Accounts Receivable Retained Earnings Supplies Expense Cash Depreciation Expense Unearned Service Revenue Cash Interest Expense Service Revenue Interest Revenue Gain on sale of investments ✓ ✔ ✓ ✓ ✓ 33 > 333 Amount 430 Wages Payable 630✔ Service Revenue 0000000 930 240 1,530 1,030 670 Account Dividends payable 189,000 50✔ 180✔ Office Supplies Unearned Service Revenue Accumulated Depreciation Service Revenue 2,480✔✔ Short-term Investments 130 Interest Payable Credit Gain on sale of investments Wage Expense Depreciation Expense Interest Expense Supplies Expense Retained Earnings Income tax expense ✓ ✓ ✓ ✔ ✓ ✔✓ ✓ ✓ ✓ 000000 Amount 430 630✔ 930 240 1,530 1,030 › › › › › › › 670✔ 2,300✔ 180✔ 130 ✓ 133,000✔ 1,030 › › ›› 130✔ 240✔ 1,400✓
Emily Consultants Company has a fiscal year ending December 31. For each of the following independent situations, indicate the journal entry by selecting the appropriate account descriptions and enter the amount(s). The first transaction is used as an example. Independent Situations. a. Accrued wages, unrecorded and unpaid at year-end, $430. b. Service revenue earned but not yet collected at year-end, $630. c. Dividends declared during the year, $930, to be paid next year. d. Office supplies on hand during the year, $430; supplies on hand at year-end, $190. e. Service revenue collected from customers in advance during the year, $1,530. f. Depreciation expense for the year, $1,030. g. Earned all but $860 of (e) by the end of the year. h. Sold $2,300 in investments at a gain of $180. i. Interest on $6,500, 8 percent note payable (borrowed on October 1 of this year); not yet recorded or paid at year end. Indicate the closing entry based on balances at year-end in the following accounts: j. Service revenue, $189,000 j. Interest revenue, $50 j. Gain on sale of investments, $180 j. Wage expense, $133,000 j. Depreciation expense, $1,030 j. Interest expense, $130 j. Supplies expense, $240 j. Dividends payable, $930 j. Income tax expense, $1,400 Answer is not complete. Debit Account Wage Expense Accounts Receivable Retained Earnings Supplies Expense Cash Depreciation Expense Unearned Service Revenue Cash Interest Expense Service Revenue Interest Revenue Gain on sale of investments ✓ ✔ ✓ ✓ ✓ 33 > 333 Amount 430 Wages Payable 630✔ Service Revenue 0000000 930 240 1,530 1,030 670 Account Dividends payable 189,000 50✔ 180✔ Office Supplies Unearned Service Revenue Accumulated Depreciation Service Revenue 2,480✔✔ Short-term Investments 130 Interest Payable Credit Gain on sale of investments Wage Expense Depreciation Expense Interest Expense Supplies Expense Retained Earnings Income tax expense ✓ ✓ ✓ ✔ ✓ ✔✓ ✓ ✓ ✓ 000000 Amount 430 630✔ 930 240 1,530 1,030 › › › › › › › 670✔ 2,300✔ 180✔ 130 ✓ 133,000✔ 1,030 › › ›› 130✔ 240✔ 1,400✓
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