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

Engineering

Malia Townsend

12 November, 16:03

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

+3

Answers (1)

Know the Answer?

Sullivan Villarreal · 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)