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    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 Preview

    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 ...

    Solution Summary

    The solution explains the adjusting entries relating to interest, revenue and salaries