Business, 18.02.2020 17:30 Jackie2088

In each of the following transactions (a) through (c) for Romney's Marketing Company, use the three-step process illustrated in the chapter to record the adjusting entry at the end of the current year. The process includes (1) determining if revenue was earned or an expense was incurred, (2) determining whether cash was received or paid in the past or will be received or paid in the future, and (3) computing the amount of the adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Estimated electricity usage at $450 for December; to be paid in January of next year.

On September 1 of the current year, loaned $6,000 to an officer who will repay the loan principal and interest in one year at an annual interest rate of 14 percent.

Owed wages to 10 employees who worked four days at $200 each per day at the end of the current year. The company will pay employees at the end of the first week of next year.

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In each of the following transactions (a) through (c) for Romney's Marketing Company, use the three-...

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