Answers
| BALANCE SHEET | INCOME STATEMENT | |||||||||
| Date | Account Title | Post Ref. | Debit | Credit | Assets | Liabilities | Equity | Revenue | Expenses | Net Income |
| a | Wages Expense | $1,800 | $1,800 | -$1,800 | ||||||
| Wages Payable | $1,800 | $1,800 | ||||||||
| (To record accrued wages) ($3,000 x 3/5) | ||||||||||
| b | Income Tax Expense | $252,000 | $252,000 | -$252,000 | ||||||
| Income Tax Payable | $252,000 | $252,000 | ||||||||
| (To record accrued income taxes) ($720,000 x 35%) | ||||||||||
| c | Interest Expense | $9,000 | $9,000 | -$9,000 | ||||||
| Interest Payable | $9,000 | $9,000 | ||||||||
| (To record accrued interest) ($360,000 x 6% x 5/12) | ||||||||||
| d | Wages Expense | $16,500 | $16,500 | -$16,500 | ||||||
| Wages Payable | $16,500 | $16,500 | ||||||||
| (To record accrued wages) [($720,000 - $610,000) x 15%] | ||||||||||
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