Adjusting entries: interest, revenue, salaries
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The bookkeeper for Wooster Company asks you to prepare the following accrued adjusting entries at December 31.
1. Interest on notes payable of $400 is accrued.
2. Services provided but not recorded total $1,250.
3. Salaries earned by employees of $900 have not been recorded.
Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries Expense, and Salaries Payable.
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Solution Summary
The solution explains the adjusting entries relating to interest, revenue and salaries
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1. Interest on notes payable of $400 is accrued.
The interest expense would be recorded and the related interest payable. The adjusting entry is
Interest ...
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