The following accounts are used by Mouse Potato, Incorporated, a computer game maker. Accounts Accounts Receivable Accumulated Depreciation Cash Interest Revenue Deferred Revenue Depreciation Expense Equipment Interest Expense Interest Payable Notes Payable (long-term) Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies Supplies Expense Required: For each of the following independent situations, give the journal entry by selecting the appropriate account(s) and amount(s). We've done the first one for you as an example. Debit Credit Independent Situations Account Amount Account Amount a. Accrued wages, unrecorded and unpaid at year-end, $410. b. Service revenue collected in advance, $610. C. At year-end, interest on notes payable not yet recorded or paid, Salaries and Wages Expense s 410 Salaries and Wages Payable $ 410 $230. d. Depreciation expense for year, $1,050. e. Service revenue earned but not yet collected at year-end, $1,050. 1. Balance in Supplies account, $410; supplies on hand at year-end, $155. g. Adjusted balance at year-end in Service Revenue account, $76,000. Give the journal entry to close this one account at year-end.
The following accounts are used by Mouse Potato, Incorporated, a computer game maker. Accounts Accounts Receivable Accumulated Depreciation Cash Interest Revenue Deferred Revenue Depreciation Expense Equipment Interest Expense Interest Payable Notes Payable (long-term) Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies Supplies Expense Required: For each of the following independent situations, give the journal entry by selecting the appropriate account(s) and amount(s). We've done the first one for you as an example. Debit Credit Independent Situations Account Amount Account Amount a. Accrued wages, unrecorded and unpaid at year-end, $410. b. Service revenue collected in advance, $610. C. At year-end, interest on notes payable not yet recorded or paid, Salaries and Wages Expense s 410 Salaries and Wages Payable $ 410 $230. d. Depreciation expense for year, $1,050. e. Service revenue earned but not yet collected at year-end, $1,050. 1. Balance in Supplies account, $410; supplies on hand at year-end, $155. g. Adjusted balance at year-end in Service Revenue account, $76,000. Give the journal entry to close this one account at year-end.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
E4-12 (Algo) Recording Transactions Including Adjusting and Closing Journal Entries [LO 4-2, LO 4-5]
The following accounts are used by Mouse Potato, Incorporated, a computer game maker.
| Accounts | |
|---|---|
| Accounts Receivable | Interest Revenue |
| Notes Payable (long-term) | |
| Cash | |
| Deferred Revenue | Salaries and Wages Expense |
| Depreciation Expense | Salaries and Wages Payable |
| Equipment | Service Revenue |
| Interest Expense | Supplies |
| Interest Payable | Supplies Expense |
Required:
For each of the following independent situations, give the
Transcribed Image Text:E4-12 (Algo) Recording Transactions Including Adjusting and Closing Journal Entries (LO 4-2, LO 4-5)
The following accounts are used by Mouse Potato, Incorporated, a computer game maker.
Accounts
Accounts Receivable
Interest Revenue
Accumulated Depreciation
Cash
Notes Payable (long-term)
Retained Earnings
Salaries and Wages Expense
Salaries and Wages Payable
Deferred Revenue
Depreciation Expense
Equipment
Interest Expense
Interest Payable
Service Revenue
Supplies
Supplies Expense
Required:
For each of the following independent situations, give the journal entry by selecting the appropriate account(s) and amount(s). We've
done the first one for you as an example.
Debit
Credit
Independent Situations
Account
Amount
Account
Amount
a. Accrued wages, unrecorded and unpaid at year-end, $410.
b. Service revenue collected in advance, $610.
C. At year-end, interest on notes payable not yet recorded or paid,
Salaries and Wages Expense
$
410 Salaries and Wages Payable
24
410
$230.
d. Depreciation expense for year, $1,050.
e. Service revenue earned but not yet collected at year-end, $1,050.
f. Balance in Supplies account, $410; supplies on hand at year-end,
$155.
g. Adjusted balance at year-end in Service Revenue account,
$76,000. Give the journal entry to close this one account at year-end.
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