Question

perpetual accounting journal entries please

December 37. Wages earned from July 1s through December 31st was $538,000. Wages earned between Dec. 15" and Dec 31st amounting to $41,000 was not paid this until Jan 7th. 38. At the end of the year, $54,000 cash was paid to the local bank for the long-term note payable taken out on January 1, 2019. $47,000 of this was applied to the loan principal. The remaining amount was the accumulated interest due for 2019. 39. On December 31", $527,000 depreciation expense for the year was calculated for equipment purchased before January 1, 2019.

Answer 1

Journal entries # Accounts and explanation Delit($) Credit($) 37. Wages exprense $538,000 Wages payable $41,000 - Cash $497,000 [To record wages expense from July 1st through December 31] 38. Note payable $47,000 Interest expense $7,000 - Cash $54,000 [To record payment of long term notes and accumulated interest Depreciation exfrense $527,000 Accumulated depreciation $527,000 - equipment [To record depreciation expense for the year on | equipment ]