Mobo, a wireless phone carrier, completed its first year of operations on October 31. All of the year's entries have been recorded, except for the following: a. At year-end, employees earned wages of $6,000, which will be paid on the next payroll date, November 6. b. At year-end, the company had earned interest revenue of $3,000. It will be collected December 1 - 4 Part 3 Show the accounting equation effects of each required adjustment. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) ansaction Assets Liabilities Stockholders' Equity 6,000 Salaries and Wages Payable 4,900 6,000 alaries and Wages Expense nterest Receivable a. 4.,900 Acounts Payable b. terest Revenue

Question

Damon

Engineering

3 June, 05:48

Mobo, a wireless phone carrier, completed its first year of operations on October 31. All of the year's entries have been recorded, except for the following: a. At year-end, employees earned wages of $6,000, which will be paid on the next payroll date, November 6. b. At year-end, the company had earned interest revenue of $3,000. It will be collected December 1 - 4 Part 3 Show the accounting equation effects of each required adjustment. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) ansaction Assets Liabilities Stockholders' Equity 6,000 Salaries and Wages Payable 4,900 6,000 alaries and Wages Expense nterest Receivable a. 4.,900 Acounts Payable b. terest Revenue

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Answers (1)

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Brody Bradshaw · Answer 1

a) Salaries and wages expenses $6,000

To salary for wages payable $6,000

b) Interest Receivable a/c-d - $4,900

To interest revenue $4900

Assets = Liabiliteies + stockholder equity

a) 0 = 6000 + (-6000)

(No effect) (Increase) (Decrease)

0 = 6000 - 6000

b) 4900 = 0 + 4900

(no effect) (increase)