Question & Answer: 114,000 salaries expense (41.500- 34000 22,400 830 thus total salary expense Miscellaneous expenses 34830 2,100…..

114,000 salaries expense (41.500- 34000 22,400 830 thus total salary expense Miscellaneous expenses 34830 2,100 Accounting titles& Explanations Debit Credit 34,830 miscellancous expense Depreciation expense 2,100 54,670 Rest of the entries in order are as Miscellaneous expense Depreciation expense
media%2Fbbf%2Fbbfbea61-caa6-4071-a3ff-86Post the transactions, adjusting and closing entries into the appropriate t-accounts (Enter the letter of the transaction in the column next to the amount)
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114,000 salaries expense (41.500- 34000 22,400 830 thus total salary expense Miscellaneous expenses 34830 2,100 Accounting titles& Explanations Debit Credit 34,830 miscellancous expense Depreciation expense 2,100 54,670 Rest of the entries in order are as Miscellaneous expense Depreciation expense

Expert Answer

 

Entries in the six T-Accounts are as follows:

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DEBIT ENTRIES AMOUNT $ CREDIT ENTRIES AMOUNT $ Pending entry as no journal entry
RETAINED EARNINGS ACCOUNT :
OB 7900
CB 62570 Income Summary 54670 Dividend paid
MISCELLANEOUS EXPENSES ACCOUNT :
Cash 22400 Income Summary 22400
SALARY ACCOUNT :
Cash 34000 Income Summary 34830
Salary Payable 830
SERVICE REVENUE ACCOUNT:
Income Summary 114000 AR 114000
DEPRECIATION EXPENSE ACCOUNT :
Accumulated Depreciation 2100 Income Summary 2100
INCOME SUMMARY :
Salary Expense 34830 Service Revenue 114000
Miscellaneous Expense 22400
Depreciation 2100
Retained Earnings 54670
Total 114000 Total 114000

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