Reference no: EM131263111
How would you write the following as journal entries?
Enter the transaction/adjustment letter in the first column, and show the effect, if any, of each of the transactions/adjustments on the appropriate balance sheet category or on the income statement by entering the amount and indicating whether it is an addition (+) or a subtraction (−). You may also write the journal entries to record each transaction/adjustment.
a. Wages of $2,650 accrued at the end of the prior fiscal period were paid this fiscal period.
b. Real estate taxes of $7,100 applicable to the current period have not been accrued.
c. Interest on bonds payable has not been accrued for the current month. The company has outstanding $840,000 of 5.5% bonds.
d. The premium related to the bonds in part c has not been amortized for the current month. The current-month amortization is $220.
e. Based on past experience with its warranty program, the estimated warranty expense for the current period should be 0.3% of sales of $940,000.
f.Analysis of the company’s income taxes indicates that taxes currently payable are $43,000 and that the deferred tax liability should be increased by $17,000.
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