-7For each of the above situations, prepare the adjusting journal entry required at March 31. (List all debit entries before credit entries.Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearestdollar. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)No. Date Account Titles and ExplanationDebitCreditMar.1.31Mar.31Mar.3.31Mar.4.31Mar.31II2.5. Question 2 of 3-/7View PoliciesCurrent Attempt in ProgressLily Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly.The company has a 6%, $12,000 bank loan payable due in one year. Interest is payable on the first day of each followingmonth and was last paid on March 1.1.At the end of March, the company earned $260 interest on its investments. The bank deposited this amount in Lily's cashaccount on April 1.2.Lily has five employees who each earn $220 a day. Salaries are normally paid on Mondays for work completed Mondaythrough Friday of the previous week. Salaries were last paid on Monday, March 29. March 31 falls on a Wednesday this year.Salaries will be paid next on Monday, April 5.At the end of March, the company owed the utility company $540 and the telephone company $180 for services receivedduring the month. These bills were paid on April 10. (Hint: Use the Utilities Expense account for the utility and telephoneservices.)4.At the end of March, Lily has earned service revenue of $3,180 that it has not yet billed. It bills its clients for this amount onApril 4. On April 30, it collects $2,190 of this amount due.5.(a)For each of the above situations, prepare the adjusting journal entry required at March 31. (List all debit entries before credit entries.Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearestdollar. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)No.Date Account Titles and ExplanationDebitCreditMar.II3.

Journal entry is the process of recording commercial transactions for the first time in the books of…

For each of the above situations, prepare the adjusting journal entry required at March 31. (List all debit entries before Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to dollar. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Cre Mar. 1. 31 Mar. 2.

For each of the above situations, prepare the adjusting journal entry required at March 31. (List all debit entries before Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to dollar. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Cre Mar. 1. 31 Mar. 2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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