[The following information applies to the questions displayed below.] a. M&R Company provided $2,800 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 $1,800 have been incurred but are not paid as of December 31. c. M&R Company has a $5,800 bank loan and has incurred (but not recorded) 6% interest expense of $348 for the year ended December 31. The company will pay the $348 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 $580. M&R will pay for December lawn services on January 15 following the company's year- end. e. M&R Company has earned $280 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 $980 have been earned by supervisors but not paid as of December 31. epare year-end adjusting journal entries for M&R Company as of December 31 for each of the above parate cases.

[The following information applies to the questions displayed below.] a. M&R Company provided $2,800 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 $1,800 have been incurred but are not paid as of December 31. c. M&R Company has a $5,800 bank loan and has incurred (but not recorded) 6% interest expense of $348 for the year ended December 31. The company will pay the $348 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 $580. M&R will pay for December lawn services on January 15 following the company's year- end. e. M&R Company has earned $280 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 $980 have been earned by supervisors but not paid as of December 31. epare year-end adjusting journal entries for M&R Company as of December 31 for each of the above parate cases.

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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At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31
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