Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Supplies for office use were purchased during the year for $500, of which $100 remained on hand (unused) at year-end. Interest of $250 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. At year-end, salaries and wages payable of $3,600 had not been recorded or paid. At year-end, one-half of a $2,000 advertising project had been completed for a client, but nothing had been billed or collected. Redeemed a gift card for $600 of services.
Prepare the
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Supplies for office use were purchased during the year for $500, of which $100 remained on hand (unused) at year-end.
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Interest of $250 on a note receivable was earned at year-end, although collection of the interest is not due until the following year.
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At year-end, salaries and wages payable of $3,600 had not been recorded or paid.
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At year-end, one-half of a $2,000 advertising project had been completed for a client, but nothing had been billed or collected.
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Redeemed a gift card for $600 of services.
Adjusting entries are those entries which are passed at the end of the year.
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