Acc280 Financial Accounting: E4-19 the adjusted trial balance of Oslo Employment Agency

Acc280 Financial Accounting
E4-19
On December 31, the adjusted trial balance of Oslo Employment Agency shows the following selected data.
Accounts Receivable $24,000
Interest Expense $7,800
Commission Revenue $92,000
Interest Payable $1,500
Analysis shows that adjusting entries were made to (1) accrue $4,500 of commission revenue and (2) accrue $1,500 interest expense.

Instructions:
a) Prepare the closing entries for the temporary accounts shown above at December 31.
b) Prepare the reversing entries on January 1.
c) Post the entries to record (1) the collection of the accrued commission on January 10 and (2) the payment of all interest due (#2,500) on January 15.
d) Prepare the entries to record (1) the collection of the accrued commission on January 10 and (2) the payment of all interest due ($2,500) on January 15.
e) Post the entries in (d) to the temporary accounts.
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