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Category > Accounting Posted 27 Sep 2017 My Price 7.00

Action Quest Games Inc.

Action Quest Games Inc. has the following information available for accruals that must be recorded for the year ended December 31, 2012. The company adjusts its accounts annually.
1. The December utility bill for $425 was unrecorded on December 31. Action Quest paid the bill on January 11, 2013.
2. Action Quest is open seven days a week and employees are paid a total of $3,500 every Monday for a seven-day (Monday-Sunday) workweek. December 31, 2012, is a Monday, so employees will have worked one day (Monday, December 31) before the year end that they have not been paid for by year end. Employees will be paid next on January 7, 2013.
3. Action Quest has a 5% bank loan payable in two years to its bank for $45,000. Interest is payable on the first day of each month.
4. Action Quest receives a commission from Pizza Shop next door for all pizzas sold to customers using Action Quest's facility. The amount owing for December is $300, which Pizza Shop will pay on January 4, 2013.
5. Action Quest sold some equipment on November 1, 2012, in exchange for a 6%, $6,000 note receivable. The principal and interest are due on February 1, 2013.
Instructions(a) For each situation, prepare the adjusting entry required at December 31, 2012. Round any calculations to the nearest dollar.(b) For each situation, prepare the journal entry to record the subsequent cash transaction in 2013.

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Maurice Tutor
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Status NEW Posted 27 Sep 2017 12:09 AM My Price 7.00

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