ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Prepare the December 31 year-end entry that companies record to adjust the Revenue and the Unearned Revenue accounts.
Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the following separate cases. Entries can draw from the following partial chart of accounts: Cash; Accounts Receivable; Interest Receivable; Equipment; Wages Payable; Salary Payable; Interest Payable; Lawn Services Payable; Unearned Revenue; Revenue; Interest Revenue; Wages Expense; Salary Expense; Supplies Expense; Lawn Services Expense; and Interest Expense. a. M&R Company provided $2,000 in services to customers in December. Those customers are expected to pay the company sometime in January following the company’s year-end. b. Wage expenses of $1,000 have been incurred but are not paid as of December 31. c. M&R Company has a $5,000 bank loan and has incurred (but not recorded) 8% interest expense of $400 for the year ended December 31. The company will pay the $400 interest in cash on January 2 following the company’s year-end. d. M&R Company hired a firm that provided lawn…
Lakeview Company completed the following two transactions. The annual accounting period ends December 31.
a. On December 31, calculated the payroll, which indicates gross earnings for wages ($64,000), payroll deductions for income tax
($6,400), payroll deductions for FICA ($4,800), payroll deductions for American Cancer Society ($2,400), employer contributions for
FICA (matching), and state and federal unemployment taxes ($560). Employees were paid in cash, but payments for the
corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded.
b. Collected rent revenue of $5,700 on December 10 for office space that Lakeview rented to another business. The rent collected
was for 30 days from December 11 to January 10 and was credited in full to Deferred Revenue.
Required:
1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry
on December 31.
3. Show how any of the…
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