Journalize the Following Entries for March 31

question 122

Essay

Journalize the following entries for March 31. Explanations are not required.
a. A machine costing $7,000 with no salvage value was purchased on March 1 and straight-line depreciation is being used. The life is 5 years.
b. Unearned revenue was earned at the rate of $300 per month, starting November 1.
c. Wages incurred but not paid are $2,300.

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Definitions:

Entrepreneurs

Individuals who undertake the creation, organization, and ownership of a new business venture, facing considerable risk and uncertainty but potentially gaining significant rewards.

Commercial Lending Institutions

Banks and other financial entities that provide loans to businesses for the purpose of facilitating growth and operational expenses.

Legal Responsibilities

Obligations that are defined by law, which individuals or entities are required to fulfill.

Positive Cash Flow

A situation where the net amount of cash and cash-equivalents being transferred into and out of a business is positive, indicating financial health.