3Required informationThe following information applies to the questions displayed below]a. M&R Company provided $3.300 in services to customers in December, which are not yet recorded. Those customersare expected to pay the company in January following the company's year-endb. Wage expenses of $2,300 have been incurred but are not paid as of December 31M&R Company has a $6.300 bank loan and has incurred (but not recorded) 7% interest expense of $441 for the yearended December 31. The company will pay the $441 interest in cash on January 2 following the company's year-endd. M&R Company hired a firm that provided lawn services during December for $630. M&R will pay for December lawnservices on January 15 following the company's year-ende. M&R Company has earned $330 in interest revenue from investments for the year ended December 31. The interestrevenue will be received on January 15 following the company's year-endt Salary expenses of $1030 have been earned by supervisors but not paid as of December 31For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specificallyidentify the accounts and amounts (including () increase or (-) decrease) for each transaction or eventAssetsLiabilities

The Accounting Equation is calculated using the following equation -Assets = Liabilities +…

Required information (The following information applies to the questions displayed below] M&R Company provided $3.300 in services to customers in December, which are not yet recorded. These customers are expected to pay the company in January following the company's year-end b. Wage expenses of $2,300 have been incumed but are not paid as of December 31 c. MER Company has a $6.300 bank loan and has incumed but not recorded 7% interest expense of $441 for the year ended December 31. The company will pay the $441 interest in cash on January 2 following the company's year-end & MER Company hired a form that provided lawn services during December for $630 MER will pay for December lawn services on January 15 following the company's yearend MER Company has earned $330 in interest revenue from investments for the year ended December 31 The interest revenue will be received on January 15 following the co rend Salary expenses of $1030 have been eamed by supervisor s of December 31 For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically identify the accounts and amounts (including () increase or (-) decrease) for each transaction or event Assets . fety

Required information (The following information applies to the questions displayed below] M&R Company provided $3.300 in services to customers in December, which are not yet recorded. These customers are expected to pay the company in January following the company's year-end b. Wage expenses of $2,300 have been incumed but are not paid as of December 31 c. MER Company has a $6.300 bank loan and has incumed but not recorded 7% interest expense of $441 for the year ended December 31. The company will pay the $441 interest in cash on January 2 following the company's year-end & MER Company hired a form that provided lawn services during December for $630 MER will pay for December lawn services on January 15 following the company's yearend MER Company has earned $330 in interest revenue from investments for the year ended December 31 The interest revenue will be received on January 15 following the co rend Salary expenses of $1030 have been eamed by supervisor s of December 31 For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically identify the accounts and amounts (including () increase or (-) decrease) for each transaction or event Assets . fety

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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Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. note to Locust at the maturity date. Paid the amount due on the Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $33,000 cash fro Fargo Bank by signing a 60-day, 7%, $33,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _____?_ Paid the amount due on the note to Fargo Bank at the maturity date. Required: 1. Determine the maturity date for each of the three notes described. Maturity date Locust NBR Bank Fargo Bank