Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 4 - Accrual Accounting Concepts - Brief Exercises: BE4-8

Answer

(a) Interest on notes payable of 300 USD is accrued. (b) Service revenue earned but unmilled total 1,400 USD (c) Salaries of 780 USD

Work Step by Step

(a) Interest expenses 300 USD; interested payable 300 USD (b) Accounts receivable 1,400 USD; service revenue 1,400 USD (c) Salaries expenses 780 USD; salaries payable 780 USD
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