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The following information relates to the Wallstrom Company at the end of 2017 The accounting period is the calendar year 1Employees are paid every Friday for the five-day week ending on that day Salaries amount to $4,000 per week The accounting period ends on a Tuesday 2A note for $5,000 was received from a customer in a sales transaction on April 1, 2017 The note matures in one year and bears 8% interest ?3On September 1, 2017, Wallstrom borrowed $10,000 cash by signing a note payable due in one year at 6% interest Prepare adjusting entries at December 31,2017 for each one
The following information relates to the Wallstrom Company at the end of 2017 The accounting period is the calendar year
1Employees are paid every Friday for the five-day week ending on that day Salaries amount to $4,000 per week The accounting period ends on a Tuesday
2A note for $5,000 was received from a customer in a sales transaction on April 1, 2017 The note matures in one year and bears 8% interest
?3On September 1, 2017, Wallstrom borrowed $10,000 cash by signing a note payable due in one year at 6% interest
Prepare adjusting entries at December 31,2017 for each one
Expert Solution
Joumal Entry
Particulars
ExPenses Dr.
To Salary Payable
Salary .pense = $4000 X 2/5 = 51600
Interest receivable
300
To Interest - Revenue
300
pfa
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