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Settler Service Is Completing the Information Processing Cycle at the End

question 108

Essay

Settler Service is completing the information processing cycle at the end of its annual accounting period, December 31, 20X1. Four adjusting entries must be made to update the accounts. The following accounts, selected from the company's chart of accounts, are to be used for this purpose. They are coded to the left for easy reference. $\begin{array} { | l | l | } \hline \text { A. Cash } & \text { I. Unearned Rent } \\\hline \text { B. Notes Payable } & \text { J. Rent Expense } \\\hline \text { C. Interest Receivable } & \text { K. Wage Expense } \\\hline \text { D. Operational Assets } & \text { L. Depreciation Expense } \\\hline \text { E. Accumulated Depreciation } & \text { M. Interest Expense } \\\hline \text { F. Notes Payable } & \text { N. Interest Revenue } \\\hline \text { G. Interest Payable } & \text { O. Rent Revenue } \\\hline \text { H. Wages Payable } & \text { P. Some other account, not listed } \\\hline\end{array}$ You are to indicate the appropriate account code and amount for each required adjusting entry at December 31, 20X1. $Settler Service is completing the information processing cycle at the end of its annual accounting period, December 31, 20X1. Four adjusting entries must be made to update the accounts. The following accounts, selected from the company's chart of accounts, are to be used for this purpose. They are coded to the left for easy reference. \begin{array} { | l | l | } \hline \text { A. Cash } & \text { I. Unearned Rent } \\ \hline \text { B. Notes Payable } & \text { J. Rent Expense } \\ \hline \text { C. Interest Receivable } & \text { K. Wage Expense } \\ \hline \text { D. Operational Assets } & \text { L. Depreciation Expense } \\ \hline \text { E. Accumulated Depreciation } & \text { M. Interest Expense } \\ \hline \text { F. Notes Payable } & \text { N. Interest Revenue } \\ \hline \text { G. Interest Payable } & \text { O. Rent Revenue } \\ \hline \text { H. Wages Payable } & \text { P. Some other account, not listed } \\ \hline \end{array} You are to indicate the appropriate account code and amount for each required adjusting entry at December 31, 20X1.$

Definitions:

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