PLUS w Weygandt, Financial Accounting, 10e Financial Accounting ( 104 Study & Pr

Question

PLUS w Weygandt, Financial Accounting, 10e Financial Accounting ( 104 Study & Practice Tamarsk, Inc. has the following balances in selected accounts on December 31, 2019 Accounts Receivable Accumulated Deprecation-Equipment Equipmet Interest Payable Notes Payable s o 7,000 Prepaid Insurance 3,060 Salarnies and Wages Payable Supples Uneamed Service Revenue Al the accounts have nomal balances. The infomaion below has been gathered at December 31, 2019 1, Tamarisk, Inc. borrowed $9,000 by spng a 12%, one-year note on September 1, 2019. 2. A count of supplies on December 31, 2019, ndicates that supples of $990 are on hand. 3. Depreciation on the equipment for 2019 $2,200. 4. Tamarsk, Inc paid $3,060 for 12 months of insurance coverage on June 1, 2019. 5· On Deonter 1, 2019, iarnansk, Inc. olected $33,600 for consitig senkes to be pedonned from D center i, 20i, neogh Math Si, ian, 6. Tamansk, Inc. performed consulting services for a dlent n December 2019. The dent nil be billed $4,200. 7. Tamarisk, Inc. pays its employees total salaries of $7,500 every Honday for the preceding 5-day week (Monday through Fray). Os Monday, December 29, employees were paid for the week ending December 2,600 13,600 6. All employees worked the last 3 days of 2019 Prepare ed astng entres for the sever.erns deserted above. (credit account aks are attematkaly mihneexf when the attar n anent sent mant asses.) Sons.I All Rights Reserved. A Dvson of ohn.wn verson 424 here to search

Explanation / Answer

No. Account Titles and Explanation Debit Credit 1 Interest expense ($9800 x 12% x 4/12) 392 Interest payable 392 (To record interest accrued on note payable) 2 Supplies expense ($2600 - $990) 1610 Supplies 1610 (To record supplies expense) 3 Depreciation expense 2200 Accumulated depreciation-equipment 2200 (To record depreciation on equipment) 4 Insurance expense ($3060 x 7/12) 1785 Prepaid insurance 1785 (To record expired insurance) 5 Unearned service revenue 8400 Service Revenue ($33600 x 1/4) 8400 (To record service revenue earned) 6 Accounts receivable 4200 Service Revenue 4200 (To record unbilled service revenue) 7 Salaries and wages expense ($7500 x 3/5) 4500 Salaries and wages payable 4500 (To record salaries and wages accrued)

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.