The December 31 financial statements of Jagger Company included the effects of the following transactions:
a. Wages of $6,800 were recorded. These wages will be paid on January 2.
b. Interest expense of $750 that will be paid on February 1 was recorded.
c. Interest revenue of $300 that will be paid on March 1 was recorded.
Required: Prepare the reversing entries for these transactions.
What will be an ideal response?
Answer:
Jan 1
Wages Payable
6800
Wages Expense
6800
Jan 1
Interest Payable
750
Interest Expense
750
Jan 1
Interest Revenue
300
Interest Receivable
300
You might also like to view...
The process of deciding which regulatory action to take regarding specific risks is called:
a) risk assessment. b) contingent valuation. c) cost-benefit analysis. d) risk management.
Refer to the information above. If Amelia paid a total of $75,000 in dividends, how much would each common stockholder receive for each share of stock owned? (Assume there are no dividends in arrears)
A. $0.23 per share. B. $0.13 per share. C. $0.18 per share. D. $0.08 per share.