Required information [The following information applies to the questions displayed below.] a. M&R Company provided $3,700 in services to customers in December, which are not yet recorded. Those customers are expected to pay the company in January following the company's year-end. b. Wage expenses of $2,700 have been incurred but are not paid as of December 31. c. M&R Company has a $6,700 bank loan and has incurred (but not recorded) 6% interest expense of $402 for the year ended December 31. The company will pay the $402 interest in cash on January 2 following the company's year- end. d. M&R Company hired a firm that provided lawn services during December for $670. M&R will pay for December lawn services on January 15 following the company's year-end. e. M&R Company has earned $370 in interest revenue from investments for the year ended December 31. The interest revenue will be received on January 15 following the company's year-end. f. Salary expenses of $1,070 have been earned by supervisors but not paid as of December 31.
Required information [The following information applies to the questions displayed below.] a. M&R Company provided $3,700 in services to customers in December, which are not yet recorded. Those customers are expected to pay the company in January following the company's year-end. b. Wage expenses of $2,700 have been incurred but are not paid as of December 31. c. M&R Company has a $6,700 bank loan and has incurred (but not recorded) 6% interest expense of $402 for the year ended December 31. The company will pay the $402 interest in cash on January 2 following the company's year- end. d. M&R Company hired a firm that provided lawn services during December for $670. M&R will pay for December lawn services on January 15 following the company's year-end. e. M&R Company has earned $370 in interest revenue from investments for the year ended December 31. The interest revenue will be received on January 15 following the company's year-end. f. Salary expenses of $1,070 have been earned by supervisors but not paid as of December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![b.
C.
d
e.
Required information
[The following information applies to the questions displayed below.]
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.
C.
a. M&R Company provided $3,700 in services to customers in December, which are not yet recorded. Those customers
are expected to pay the company in January following the company's year-end.
b. Wage expenses of $2,700 have been incurred but are not paid as of December 31.
c. M&R Company has a $6,700 bank loan and has incurred (but not recorded) 6% interest expense of $402 for the year
ended December 31. The company will pay the $402 interest in cash on January 2 following the company's year-
end.
d. M&R Company hired a firm that provided lawn services during December for $670. M&R will pay for December lawn
services on January 15 following the company's year-end.
e. M&R Company has earned $370 in interest revenue from investments for the year ended December 31. The interest
revenue will be received on January 15 following the company's year-end.
f. Salary expenses of $1,070 have been earned by supervisors but not paid as of December 31.
Assets
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Transcribed Image Text:b.
C.
d
e.
Required information
[The following information applies to the questions displayed below.]
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.
C.
a. M&R Company provided $3,700 in services to customers in December, which are not yet recorded. Those customers
are expected to pay the company in January following the company's year-end.
b. Wage expenses of $2,700 have been incurred but are not paid as of December 31.
c. M&R Company has a $6,700 bank loan and has incurred (but not recorded) 6% interest expense of $402 for the year
ended December 31. The company will pay the $402 interest in cash on January 2 following the company's year-
end.
d. M&R Company hired a firm that provided lawn services during December for $670. M&R will pay for December lawn
services on January 15 following the company's year-end.
e. M&R Company has earned $370 in interest revenue from investments for the year ended December 31. The interest
revenue will be received on January 15 following the company's year-end.
f. Salary expenses of $1,070 have been earned by supervisors but not paid as of December 31.
Assets
< Prev
Ng
2
of 5
⠀
Liabilities
Next >
*
.
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