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3 years ago

The bookkeeper for Sheffield Corp. asks you to prepare the following accrued adjusting entries at December 31.

Business

1 answer:

Scrat [10]3 years ago

4 0

Answer:

(a) Dec 31

Debit Interest Expense $500

Credit Interest Payable$500

(b) Dec 31

Debit Account Receivable $2,000

Credit Service Revenue $2,000

Debit Salaries & wages expense $540

Credit Salaries & wages payable $540

Explanation:

Preparation of the accrued adjusting entries at December 31

(a) Dec 31

Debit Interest Expense $500

Credit Interest Payable$500

(b) Dec 31

Debit Account Receivable $2,000

Credit Service Revenue $2,000

Debit Salaries & wages expense $540

Credit Salaries & wages payable $540

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