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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 36
Determining Accounting Equation Effects of Accrual Adjustments
For each of the following transactions for New Idea Corporation, give the accounting equation effects of the adjustments required at the end of the month on December 31, 2013:
a. Received a $600 utility bill for electricity usage in December to be paid in January 2014.
b. Owed wages to 10 employees who worked three days at $100 each per day at the end of December. The company will pay employees at the end of the first week of January 2014-
c. On December 1, 2013, loaned money to an employee who agreed to repay the loan in one year along with $1,200 for one full year of interest. No interest has been recorded yet.
For each of the following transactions for New Idea Corporation, give the accounting equation effects of the adjustments required at the end of the month on December 31, 2013:
a. Received a $600 utility bill for electricity usage in December to be paid in January 2014.
b. Owed wages to 10 employees who worked three days at $100 each per day at the end of December. The company will pay employees at the end of the first week of January 2014-
c. On December 1, 2013, loaned money to an employee who agreed to repay the loan in one year along with $1,200 for one full year of interest. No interest has been recorded yet.
Explanation
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a. Electricity bill for the month of Dec...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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