Prepare the adjusting journal entries for the following transactions. (If no ent
ID: 2423634 • Letter: P
Question
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Supplies for office use were purchased during the year for $500, of which $100 remained on hand (unused) at year-end. Interest of $250 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. At year-end, wages payable of $3,600 had not been recorded or paid. At year-end, one-half of a $2,000 advertising project had been completed for a client, but nothing had been billed or collected. Redeemed a gift card for $600 of services.Explanation / Answer
Answer :-
Interest receivable A/c Dr.
To Interest revenue A/c
250
250
Transaction General Journal Debit ($) Credit ($) 2.Interest receivable A/c Dr.
To Interest revenue A/c
250
250