1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alexxandr [17]
3 years ago
8

ecord adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made

during the year. Salaries Payable. At year-end, salaries expense of $18,500 has been incurred by the company, but is not yet paid to employees. Interest Payable. At its December 31 year-end, the company owes $400 of interest on a line-of-credit loan. That interest will not be

Business
1 answer:
k0ka [10]3 years ago
3 0

Answer: Please Refer to Explanation

Explanation:

Please see complete question attached to this answer.

A.

As the company has not paid the salary but they recognize it is an expense, it should be credited to Salaries payable from the salary expense account.

DR Salary Expense $ 18,500

CR Salary Payable $18,500

( To record Salary Expense incurred but not paid)

B.

As the company has not paid the interest but they recognize it is an expense, it should be credited to Interest Payable from the interest expense account until it is paid.

DR Interest Expense $400

CR Interest Payable $400

( To record interest expense on loan not paid )

C.

As the company has not paid the mortgage interest but they recognize it is an expense, it should be credited to mortgage payable from the mortgage account expense account

DR Mortgage Interest Expense $1,025

CR Mortgage Interest Payable $1,025

( To recording interest expense on mortgage not paid for the year).

You might be interested in
Why is it important for insurance companies to have a large pool of people paying premiums?
Sloan [31]

Answer:

The premium payments of all the insured clients will cover the costs for the emergencies of the few who need it. The more people that pay premiums, the less likely each insured client will experience an emergency.

7 0
2 years ago
What do successful entrepreneurs have in common?
dmitriy555 [2]

Answer:

market trends change constantly, funding fall through, business partners flake, and ideas may go wrong

4 0
3 years ago
Read 2 more answers
Google: How to be successful?
scZoUnD [109]
Learn from your mistakes
5 0
2 years ago
Carter corporation applies manufacturing overhead on the basis of machine-hours. at the beginning of the most recent year, the c
stiks02 [169]
The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. 
6 0
3 years ago
Explain why taking a monotonic transformation of a utility function does not change the marginal rate of substitution (MRS).
fredd [130]

Explanation:

Monotonic transformation refers to changing the quantity of both the variables in a way that their ranking or order is preserved. Monotonic transformation of a utility function does not change the marginal rate of substitution as the order of preferences remains intact with the monotonic transformation. It's just the level of utility that either increases or decreases with such a transformation. The indifference curve shape remains the same. With monotonic transformation, consumer moves from a lower to higher or higher to lower indifference curve.

7 0
3 years ago
Other questions:
  • The ledger of Mai Company includes the following accounts with normal balances: Common Stock, $9,000; Dividends, $800; Services
    13·1 answer
  • If a company has a capital structure of $5,000,000 common stock with a cost of 17%, $2,000,000 bonds at 4%, $1,000,000 of short
    10·1 answer
  • I
    15·1 answer
  • A partnership set up for a specific purpose for a short period of time is known as a joint stock company. acting board of direc
    10·2 answers
  • When should i use a comma to separate a description of items in a sentence
    8·1 answer
  • What are some reasons why the budget deficit and non budgeted spending have been adding more than $500 billion to the national d
    7·1 answer
  • Galena is a new agent for a financial services company. She decides to join the local chamber of commerce, the local association
    13·1 answer
  • Buying a Home Reading Quiz QUESTION 9 of 10: A "point" on a loan equals: a) 0.1% of the loan amount b) 1% of the loan amount c)
    11·1 answer
  • When sodium chloride, NaCl , is added to water, it forms a solution. The steps involved in the dissolution of NaCl in water are
    9·1 answer
  • if the equilibrium output is above the gdp potential then the gap between the output and potential gdp would be called a(n)
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!