Chapter 2 Review of the Accounting Process Exercises 2–21 | Concordia University Wisconsin - Edubirdie

University:
Concordia University Wisconsin
Course:
ACCT 3100 | Intermediate Accounting I
Academic year:

2021
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267

Pages:

1
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ilikemyicons0y5

Exercise 2–21 Requirement 1 The accountant would reverse adjusting entry 1, the accrual of interest receivable, and entry 5, the accrual of salaries payable. Requirement 2 1. Interest receivable ($90,000 x 8% x 3/12) ....................... Interest revenue ...................................................... 5. Salaries expense ........................................................ Salaries payable ..................................................... Requirement 3 1. Interest revenue ......................................................... Interest receivable .................................................. 5. Salaries payable ........................................................ Salaries expense ..................................................... 2–38 1,800 8,000 1,800 8,000 1,800 8,000 1,800 8,000

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