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Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the уear. a. Salaries Payable. At year-end, salaries expense of $21,000 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $525 of interest on a loan. That interest will not be paid until sometime in January of the next year.

Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the уear. a. Salaries Payable. At year-end, salaries expense of $21,000 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $525 of interest on a loan. That interest will not be paid until sometime in January of the next year.

FINANCIAL ACCOUNTING
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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Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the уear. a. Salaries Payable. At year-end, salaries expense of $21,000 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $525 of interest on a loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year-end, the company holds a mortgage payable that has incurred $1,150 in annual interest that is neither recorded nor paid. The company intends to pay the interest on January 7 of the next year. View transaction list Journal entry worksheet 1 2 At year-end, salaries expense of $21,000 has been incurred by the company, but is not yet paid to employees. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View genera
Transcribed Image Text:Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the уear. a. Salaries Payable. At year-end, salaries expense of $21,000 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $525 of interest on a loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year-end, the company holds a mortgage payable that has incurred $1,150 in annual interest that is neither recorded nor paid. The company intends to pay the interest on January 7 of the next year. View transaction list Journal entry worksheet 1 2 At year-end, salaries expense of $21,000 has been incurred by the company, but is not yet paid to employees. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View genera
Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the уear. a. Salaries Payable. At year-end, salaries expense of $21,000 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $525 of interest on a loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year-end, the company holds a mortgage payable that has incurred $1,150 in annual interest that is neither recorded nor paid. The company intends to pay the interest on January 7 of the next year. View transaction list Journal entry worksheet 2 3 At its December 31 year-end, the company owes $525 of interest on a loan. That interest will not be paid until sometime in January of the next year. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View genera
Transcribed Image Text:Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the уear. a. Salaries Payable. At year-end, salaries expense of $21,000 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $525 of interest on a loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year-end, the company holds a mortgage payable that has incurred $1,150 in annual interest that is neither recorded nor paid. The company intends to pay the interest on January 7 of the next year. View transaction list Journal entry worksheet 2 3 At its December 31 year-end, the company owes $525 of interest on a loan. That interest will not be paid until sometime in January of the next year. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View genera
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journal entry help in keeping record of transaction. Transactions may have Debit balance or credit balance journal entry of such transactions are recorded accordingly. recording of journal entry is done is only in general ledger. journal entry first step towards recording transaction in the books of account.

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