Please answer the following transactions and tell me what account they would be under for each debit and credit transaction on each of the transactions listed!1.Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end.2.Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year.3.At year-end, salaries and wages payable of $4,300 had not been recorded or paid.4.At year-end, one-half of a $2,700 advertising project had been completed for a client, but nothing had been billed or collected.5.Redeemed a gift card for $670 of services.
Please answer the following transactions and tell me what account they would be under for each debit and credit transaction on each of the transactions listed!
1.
Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end.
2.
Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year.
3.
At year-end, salaries and wages payable of $4,300 had not been recorded or paid.
4.
At year-end, one-half of a $2,700 advertising project had been completed for a client, but nothing had been billed or collected.
5.
Redeemed a gift card for $670 of services.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
