The annual accounting period ends December 31 Apr. 30 Received $465,000 from Commerce Bank after signing a 12-month, 7 percent, promissory note. June 6 Purchased merchandise on account at a cost of $66,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex and collected six months' fees in advance amounting to $18,600. (Use an account called Unearned Revenue.) Dec. 31 Determined salary and wages of $31,000 were earned but not yet paid as of December 31 (ignore payroll taxes) Dec. 31 Adjusted the accounts at year- end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 1&2. Complete the required journal entries for each of the above transactions.
The annual accounting period ends December 31 Apr. 30 Received $465,000 from Commerce Bank after signing a 12-month, 7 percent, promissory note. June 6 Purchased merchandise on account at a cost of $66,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex and collected six months' fees in advance amounting to $18,600. (Use an account called Unearned Revenue.) Dec. 31 Determined salary and wages of $31,000 were earned but not yet paid as of December 31 (ignore payroll taxes) Dec. 31 Adjusted the accounts at year- end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 1&2. Complete the required journal entries for each of the above transactions.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
Related questions
Question
![The annual accounting period ends December 31 Apr. 30 Received $465,000 from Commerce Bank after signing a 12-month, 7
percent, promissory note. June 6 Purchased merchandise on account at a cost of $66,000. (Assume a perpetual inventory system.)
July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex and
collected six months' fees in advance amounting to $18,600. (Use an account called Unearned Revenue.) Dec. 31 Determined salary
and wages of $31,000 were earned but not yet paid as of December 31 (ignore payroll taxes) Dec. 31 Adjusted the accounts at year-
end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 1&2. Complete the
required journal entries for each of the above transactions.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf8910e3-f3f3-465b-ab97-a508fcbc7710%2Fc17f3959-0ea9-48bd-9b4c-8f6c0bacb5d2%2Fstsh0u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The annual accounting period ends December 31 Apr. 30 Received $465,000 from Commerce Bank after signing a 12-month, 7
percent, promissory note. June 6 Purchased merchandise on account at a cost of $66,000. (Assume a perpetual inventory system.)
July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex and
collected six months' fees in advance amounting to $18,600. (Use an account called Unearned Revenue.) Dec. 31 Determined salary
and wages of $31,000 were earned but not yet paid as of December 31 (ignore payroll taxes) Dec. 31 Adjusted the accounts at year-
end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 1&2. Complete the
required journal entries for each of the above transactions.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College