Prepare year-end adjusting journal entry for m and r company

Assignment Help Accounting Basics

Reference no: EM131908558

Problem

a. M&R company provided $2.000 in services to customers that are expected to pay the company sometime in January following the company's year-end.

b. Wage expenses of $1,000 have been incurred but are not paid as of December 31.

c. M&R company has a $5,000 bank loan and has incurred (but not interest expense of $400 the year ended December 31. The company will pay the $400 interest in cash on January 2 following the company's year-end.

d. M&R Company hired a firm to provide lawn services at payment occurring on the 15th of the following month. Payment for December services will occur on January 15 following the company's year-end.

e. M&R company has earned $200 in interest revenue from investments for the year ended December 31. The will be received on January 15 following the company's interest revenue will be received on January 15 following the company's year-end.

f. Salary expenses of $900 have been earned by supervisors but not paid as of December 31.

Prepare year-end adjusting journal entries for M&R Company as of December 31, 2017 for each of the above separate cases.

Reference no: EM131908558

Questions Cloud

What selling price per unit is necessary to achieve result : The firm wants to achieve a level of earnings before interest and taxes of $300,000. What selling price per unit is necessary to achieve this result?

What is the effect on the criminal behavior : Assume that the payoff function y(x) increases by a constant k, so that y(x) becomes y(x) + k. What is the effect on the criminal's behavior?

What is rene descartes best known for : What is Rene Descartes best known for? What is Jean Piaget best known for? What is Adler best known for? Who conducted Puzzle Box studies?

Compare simple economic goals of criminal law and tort law : Laboratory experiments demonstrate that rats respond in an economically rational way to punishment, yet rats cannot legally commit crimes. Why not?

Prepare year-end adjusting journal entry for m and r company : Prepare year-end adjusting journal entries for M&R Company as of December 31, 2017 for each of the above separate cases.

Designing a healthy routine for young children : What elements should you keep in mind when designing a healthy routine for young children?

Computer and internet use : Computers are becoming increasingly important in our society. Continually, younger children are using this amazing technological tool.

How might the given fact increase your security : Assume that burglars correctly believe that many people in your neighborhood keep guns. How might this fact increase your security?

Impact of society on individual thoughts : How do sociologists study the impact of society on individual thoughts, feelings, and behavior?

User Account

All Pages