(Answered) Question - on december 31 the adjusted trial balance of

Accounting

Question - On December 31, the adjusted trial balance of Oslo Employment Agency shows the following selected data.

Accounts Receivable $24,000 Commission Revenue $92,000

Interest Expense 7,800 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 at December 31.

(b) Prepare the reversing entries on January 1.

(d) Prepare the entries to record (1) the collection of the accrued commissions 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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