Answer:
<u>Date: 31 December, 2017</u>
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a.
Wages Expense      6000 Dr
      Wages Payable       6000 Cr
b.
Depreciation expense                   11560 Dr
    Accumulated depreciation                 11560 Cr
Office supplies expense           6240 Dr
     Office supplies                             6240 Cr
c.
Insurance expense            2600 Dr
     Prepaid Insurance              2600 Cr
d.
Interest Receivable       1000 Dr
     Interest Revenue              1000 Cr
e.
Interest expense       3500 Dr
     Interest Payable         3500 Cr
Explanation:
a.
The wages expense should be recorded as wages relate to this year. As they are not paid, a liability of wages payable should be credited.
b.
The depreciation expense for the year is recorded and a credit to accumulated depreciation is made.
The office supplies expense should be calculated by taking the office supplies at the start of the year and adding the purchases and deducting the closing inventory.
Supplies expense = 490 + 6444 - 694 = 6240
c.
The prepaid insurance is an asset and the difference between the opening and closing balance of prepaid insurance is the expense for the year that is 5000 - 2400 = 2600
d.
The interest revenue relates to this year and should be recorded as credit to interest revenue and a debit to an asset of interest receivable.
e.
The interest expense relates to this year and should be recorded as interest expense debit and interest payable which is a liability as a credit.