1. At December 31, the unadjusted trial balance of H&R Tacks reports Salaries an
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Question
1. At December 31, the unadjusted trial balance of H&R Tacks reports Salaries and Wages Payable of $0 and Salaries and Wages Expense of $16,000. Employees have been paid for work done up to December 27, but the $1,100 they have earned for December 28–31 has not yet been paid or recorded.
Prepare the adjusting journal entry on December 31.
Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
2. At December 31, the unadjusted trial balance of H&R Tacks reports Interest Payable of $0 and Interest Expense of $0. Interest incurred and owed in December totals $450.
Prepare the adjusting journal entry on December 31.
Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
3. At December 31, the unadjusted trial balance of H&R Tracks reports Software of $24,000 and zero balances in Accumulated Amortization—Intangibles and Amortization Expense. Amortization for the period is estimated to be $4,800.
Prepare the adjusting journal entry on December 31.
Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
1. At December 31, the unadjusted trial balance of H&R Tacks reports Salaries and Wages Payable of $0 and Salaries and Wages Expense of $16,000. Employees have been paid for work done up to December 27, but the $1,100 they have earned for December 28–31 has not yet been paid or recorded.
Prepare the adjusting journal entry on December 31.
Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
2. At December 31, the unadjusted trial balance of H&R Tacks reports Interest Payable of $0 and Interest Expense of $0. Interest incurred and owed in December totals $450.
Prepare the adjusting journal entry on December 31.
Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
3. At December 31, the unadjusted trial balance of H&R Tracks reports Software of $24,000 and zero balances in Accumulated Amortization—Intangibles and Amortization Expense. Amortization for the period is estimated to be $4,800.
Prepare the adjusting journal entry on December 31.
Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
Explanation / Answer
1 Adjusting Journal Entry Date Account Title & explanation Debit Credit Dec31 Salaries & Wages expenses $1,100 Salaries & Wages Payable $1,100 (To record payment of wages from Dec28 - 31) T Account SALARIES & WAGES RXPENSES Debit Credit Balance $16,000 Salaries & wages payable $1,100 Adjusted Balance $17,100 SALARIES & WAGES PAYABLE Debit Credit Balance $0 Salaries & wages expenses $1,100 Adjusted Balance $1,100 2 Adjusting Journal Entry Date Account Title & explanation Debit Credit Dec31 Interest expense $450 Interest payable $450 (To record interest expense) T Account INTEREST EXPENSE Debit Credit Balance $0 Interest payable $450 Adjusted Balance $450 INTEREST PAYABLE Debit Credit Balance $0 Interest expense $450 Adjusted Balance $450 3 Adjusting Journal Entry Date Account Title & explanation Debit Credit Dec31 Amortization expenses $4,800 Accumulated amortization-Intangibles $4,800 (To record amortization expense) T Account AMORTIZATION EXPENSE Debit Credit Balance $0 Accumulated amortization-Intangibles $4,800 Adjusted Balance $4,800 ACCUMULATED AMORTIZATION-INTANGIBLES Debit Credit Balance $0 Amortization expenses $4,800 Adjusted Balance $4,800
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