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.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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✓
Transcribed Image Text: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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