a. M&R Company provided $3,100 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 $2,100 have been incurred but are not paid as of December 31. c. M&R Company has a $6,100 bank loan and has incurred (but not recorded) 6% interest expense of $366 for the year ended December 31. The company will pay the $366 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 $610. M&R will pay for December lawn services on January 15 following the company's year-end. e. M&R Company has earned $310 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 $1,010 have been earned by supervisors but not paid as of December 31. Exercise 3-11 (Algo) Preparing adjusting entries-accrued revenues and expenses LO P3, P4 Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the above separate cases. View transaction list Journal entry worksheet < 1 2 3 4 Note: Enter debits before credits. 5 6 M&R Company provided $3,100 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. Debit Credit
a. M&R Company provided $3,100 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 $2,100 have been incurred but are not paid as of December 31. c. M&R Company has a $6,100 bank loan and has incurred (but not recorded) 6% interest expense of $366 for the year ended December 31. The company will pay the $366 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 $610. M&R will pay for December lawn services on January 15 following the company's year-end. e. M&R Company has earned $310 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 $1,010 have been earned by supervisors but not paid as of December 31. Exercise 3-11 (Algo) Preparing adjusting entries-accrued revenues and expenses LO P3, P4 Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the above separate cases. View transaction list Journal entry worksheet < 1 2 3 4 Note: Enter debits before credits. 5 6 M&R Company provided $3,100 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. Debit Credit
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...
Related questions
Question
Prepare the
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
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
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning