Homework Solutions  
» Home
  

See All Homework
Questions here

Question Description

 
Posted by: johnsonj
Price Quoted by Student: $6
Posted On: 2011-07-22 09:09:14
 
Question
E4-11 On December 31, the adjusted trial balance of Garg Employment Agency shows the following selected data.

Accounts receivable    $24,000
Commission Revenue    $92,000
Interest Expense    7,800
Interest Payable    1,500

Analysis shows that adjusting entries were made to (1) accrue of commision revenue and (2) accrue $1,500 interest expense.

INSTRUCTIONS:

(a) Prepare the closing entries for ghe temporary accounts at December 31.
(b) Prepare the reversing entries on January 1.
(c) Post the entries to record (a) and (b). Rule and balance he accounts. (Use T accounts)
(d) Prepare the entries to record
    (1) the collection of the accrued commisions on January 10 and...
    (2) the payment of all interest due ($2700) on January 15.
(e) Post the entries in (d) to the tempoary accounts.


Solutions
Please refer the attached Excel document for solut
Price $6
Attachment 1: Garg Employment Agency.xls
Solution Posted By: Johnsonj    Posted on: 22-07-2011