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