 Curb Company completed various transactions during 2006.  The annual accounting period ends December 31, 2006.  Prepare journal entries for each transaction.

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Presentation transcript:

 Curb Company completed various transactions during  The annual accounting period ends December 31,  Prepare journal entries for each transaction.  Prepare all adjusting entries required on December 31, 2006.

Journal Entry: Purchases (+A) $13,580 Cash (-A)$13,580

Journal Entry: Cash (+A) $500,000 Notes Payable (+L)$500,000

Journal Entry: Cash (+A) $10,000 Unearned service rev. (+L) $10,000

Journal Entry: Unearned service rev. (-L) $2,500 Service revenue (+R, +SE) $2,500

Journal Entry: Utilities Expense (+E, -SE) $540 Accrued Exp. Payable (+L) $540

Journal Entry: Wages Expense (+E, -SE) $12,000 Accrued Exp. Payable (+L) $12,000

Interest expense for 2006: $500,000 x 8% x 9/12 = $30,000 Journal Entry: Interest Expense (+E, -SE) $30,000 Accrued Exp. Payable (+L) $30,000