Four Transactions Described Below Were Completed During 2016 by Russell

Essay

Four transactions described below were completed during 2016 by Russell Company. The books are adjusted only at year-end.
A.On December 31, 2016, Russell Company owed employees $3,750 for wages that were earned by them during December and were not recorded.
B.During 2016, Russell Company purchased office supplies that cost $1,000, which were placed in the supplies room for use as needed.The purchase was recorded as follows:
At January 1, 2016, the amount of unused office supplies was $300.At December 31, 2016, a physical count showed unused office supplies in the supply room amounting to $100.
C.On December 1, 2016, Russell Company rented some office space to another party.Russell Company collected $900 rent for the period December 1, 2016, to March 1, 2016.The December 1 transaction was recorded as follows:

D.On July 1, 2016, Russell Company borrowed $12,000 cash on a one-year, 8% interest-bearing, note payable.The interest is payable on the due date of the note, June 30, 2017.The borrowing was recorded as follows on July 1, 2016: