Question

Emily Consultants Company has a fiscal year ending December 31. For each of the following independent situations, indicate the journal entry by selecting the appropriate account descriptions and enter the amount(s). The first transaction is used as an example. Answer is not complete. Independent Situations | Debit Account | Debit Amount | Credit Account | Credit Amount a. Accrued wages, unrecorded and unpaid at year-end, $430. | Wage Expense | 430 | Wages Payable | 430 b. Service revenue earned but not yet collected at year-end, $630. | Accounts Receivable | 630 | Service Revenue | 630 c. Dividends declared during the year, $930, to be paid next year. | Retained Earnings | 930 | Dividends payable | 930 d. Office supplies on hand during the year, $430; supplies on hand at year-end, $190. | Supplies Expense | 240 | Office Supplies | 240 e. Service revenue collected from customers in advance during the year, $1,530. | Cash | 1,530 | Unearned Service Revenue | 1,530 f. Depreciation expense for the year, $1,030. | Depreciation Expense | 1,030 | Accumulated Depreciation | 1,030 g. Earned all but $860 of (e) by the end of the year. | Unearned Service Revenue | 670 | Service Revenue | 670 h. Sold $2,300 in investments at a gain of $180. | Cash | 2,480 | Short-term Investments | 2,300 | | | Gain on sale of investments | 180 i. Interest on $6,500, 8 percent note payable (borrowed on October 1 of this year); not yet recorded or paid at year end. | Interest Expense | 130 | Interest Payable | 130 j. Indicate the closing entry based on balances at year-end in the following accounts: j. Service revenue, $189,000 | Service Revenue | 189,000 | | j. Interest revenue, $50 | Interest Revenue | 50 | | j. Gain on sale of investments, $180 | Gain on sale of investments | 180 | | j. Wage expense, $133,000 | | | Wage Expense | 133,000 j. Depreciation expense, $1,030 | | | Depreciation Expense | 1,030 j. Interest expense, $130 | | | Interest Expense | 130 j. Supplies expense, $240 | | | Supplies Expense | 240 j. Dividends payable, $930 | | | Retained Earnings | 930 j. Income tax expense, $1,400 | | | Income tax expense | 1,400

          Emily Consultants Company has a fiscal year ending December 31. For each of the following independent situations, indicate the journal entry by selecting the appropriate account descriptions and enter the amount(s). The first transaction is used as an example.

Answer is not complete.

Independent Situations | Debit Account | Debit Amount | Credit Account | Credit Amount
a. Accrued wages, unrecorded and unpaid at year-end, $430. | Wage Expense | 430 | Wages Payable | 430
b. Service revenue earned but not yet collected at year-end, $630. | Accounts Receivable | 630 | Service Revenue | 630
c. Dividends declared during the year, $930, to be paid next year. | Retained Earnings | 930 | Dividends payable | 930
d. Office supplies on hand during the year, $430; supplies on hand at year-end, $190. | Supplies Expense | 240 | Office Supplies | 240
e. Service revenue collected from customers in advance during the year, $1,530. | Cash | 1,530 | Unearned Service Revenue | 1,530
f. Depreciation expense for the year, $1,030. | Depreciation Expense | 1,030 | Accumulated Depreciation | 1,030
g. Earned all but $860 of (e) by the end of the year. | Unearned Service Revenue | 670 | Service Revenue | 670
h. Sold $2,300 in investments at a gain of $180. | Cash | 2,480 | Short-term Investments | 2,300
 | | | Gain on sale of investments | 180
i. Interest on $6,500, 8 percent note payable (borrowed on October 1 of this year); not yet recorded or paid at year end. | Interest Expense | 130 | Interest Payable | 130
j. Indicate the closing entry based on balances at year-end in the following accounts:
j. Service revenue, $189,000 | Service Revenue | 189,000 | |
j. Interest revenue, $50 | Interest Revenue | 50 | |
j. Gain on sale of investments, $180 | Gain on sale of investments | 180 | |
j. Wage expense, $133,000 | | | Wage Expense | 133,000
j. Depreciation expense, $1,030 | | | Depreciation Expense | 1,030
j. Interest expense, $130 | | | Interest Expense | 130
j. Supplies expense, $240 | | | Supplies Expense | 240
j. Dividends payable, $930 | | | Retained Earnings | 930
j. Income tax expense, $1,400 | | | Income tax expense | 1,400

Emily Consultants Company has a fiscal year ending December 31. For each of the following independent situations, indicate the journal entry by selecting the appropriate account descriptions and enter the amount(s). The first transaction is used as an example.

Answer is not complete.

Independent Situations | Debit Account | Debit Amount | Credit Account | Credit Amount
a. Accrued wages, unrecorded and unpaid at year-end, 430. | Wage Expense | 430 | Wages Payable | 430
b. Service revenue earned but not yet collected at year-end,630. | Accounts Receivable | 630 | Service Revenue | 630
c. Dividends declared during the year, 930, to be paid next year. | Retained Earnings | 930 | Dividends payable | 930
d. Office supplies on hand during the year,430; supplies on hand at year-end, 190. | Supplies Expense | 240 | Office Supplies | 240
e. Service revenue collected from customers in advance during the year,1,530. | Cash | 1,530 | Unearned Service Revenue | 1,530
f. Depreciation expense for the year, 1,030. | Depreciation Expense | 1,030 | Accumulated Depreciation | 1,030
g. Earned all but860 of (e) by the end of the year. | Unearned Service Revenue | 670 | Service Revenue | 670
h. Sold 2,300 in investments at a gain of180. | Cash | 2,480 | Short-term Investments | 2,300
| | | Gain on sale of investments | 180
i. Interest on 6,500, 8 percent note payable (borrowed on October 1 of this year); not yet recorded or paid at year end. | Interest Expense | 130 | Interest Payable | 130
j. Indicate the closing entry based on balances at year-end in the following accounts:
j. Service revenue,189,000 | Service Revenue | 189,000 | |
j. Interest revenue, 50 | Interest Revenue | 50 | |
j. Gain on sale of investments,180 | Gain on sale of investments | 180 | |
j. Wage expense, 133,000 | | | Wage Expense | 133,000
j. Depreciation expense,1,030 | | | Depreciation Expense | 1,030
j. Interest expense, 130 | | | Interest Expense | 130
j. Supplies expense,240 | | | Supplies Expense | 240
j. Dividends payable, 930 | | | Retained Earnings | 930
j. Income tax expense,1,400 | | | Income tax expense | 1,400

Added by Victor B.

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