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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

D1.

Account

I having trouble to fill out the empty boxes, please help.

Thank you 

 

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✓
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education