1 answer

A. Received a $510 utility bill for electricity usage in July to be paid in August...

Question:

a. Received a $510 utility bill for electricity usage in July to be paid in August b. Owed wages to 15 employees who worked t
a. Received a $510 utility bill for electricity usage in July to be paid in August b. Owed wages to 15 employees who worked two days at $55 each per day at the end of July. The company will pay employees at the end of the first week of August. c. On July 1, loaned money to an employee who agreed to repay the loan in one year along with $660 for one full year of interest. No interest has been recorded yet. Stoc Liabilities Assets Transaction a b. c

Answers

Transaction Assets = Liabilities + Stockholders equity
a. = Accounts payable 510 + Utilities expense -510
b. = Wages payable 1,650 + Wages expense -1,650
c. Interest receivable 55 = Interest revenue 55

(b) Number of employees = 15

Wages per employee per day = $55

Number of days = 2

Wages payable = Number of employees x Wages per employee per day x Number of days

= 15 x 55 x 2

= $1,650

(c) Interest revenue for 1 year = $660

Interest revenue for 1 month = 660 x 1/12

= $55

Kindly comment if you need further assistance. Thanks‼!

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