ES Question 1 The following information relates to the Wallstrom Company at the

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ES Question 1 The following information relates to the Wallstrom Company at the end of 2017. The accounting period is the calendar year 1. Employees are paid every Friday for the five-day week ending on that day. Salaries amount to $4,000 per week. The accounting period ends on a Tuesday 2. Anote for $5,000 was received from a customer in a sales transaction on April 1, 2017, The note matures in one year and bears 8% interest. 3. On September 1, 2017, Wallstrom borrowed $10,000 cash by signing a note payable due in one year at 6% interest. Using the information given above, prepare the necessary adjusting entres at December 31, 2017, (Credit account title, ar autornaticaly ndented ra·he amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 2. by accessing this Question Assistance, you will leam while you eam points based on the Point Potential Policy set by your instructor Question Attempts: 0 of 1 used SAVE POR LATE Earn Maximum Points available only if you answer this question correctly in your first attempt

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Journal entry :

Date accounts & explanation debit credit Dec 31.2017 Salary expense (4000/5*2) 1600      Salary payable 1600 (To record salary payable) Dec 31,2017 Interest receivable (5000*8%*9/12) 300     Interest revenue 300 (To record accured interest) dec 31,2017 Interest expense (10000*6%*4/12) 200    Interest payable 200 (To record interest payable)

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