For each of the following transaction for new Idea Corporation, given the accoun

Question

For each of the following transaction for new Idea Corporation, given the accounting equation effects of the adjustment required at the end of the month on December 31.2013. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) Received a $600 utility bill for electricity usage in December to be paid in January 2014. Owed wages to 10 employees who worked three days at $100 each per day at the end of December. The company will pay employees at the end of the first week of January 2014. On December 1. 2013, Loaned money to an employee who agreed to repay the loan in one year along with $1, 200 for full year of interest. No interest had been recorded yet.

Explanation / Answer

Journal Debit Credit Utility bill exp 600 accounts payable 600 Wages exp 3000 Wages payable 3000 interest accrued 100 Interest income 100

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