The mortgage contract provides for a monthly payment of $1000 plus accrued interest. The June payment was not made. Interst of $280 is accrued on the mortgage.

Someone please help with the adjusting entries

Debit Interest Expense for 280
Credit Interest Payable for 280

Quote:

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Originally Posted by pready

Debit Interest Expense for 280
Credit Interest Payable for 280

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Thankss but do u know what happens to the $1000

The mortgage should be in Mortgage Payable, so it should be recorded properly and no further entry needs to be made until the payment is made.

Quote:

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Originally Posted by pready

The mortgage should be in Mortgage Payable, so it should be recorded properly and no further entry needs to be made until the payment is made.

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Thanks sooo much... could u please help me with another jounral entry...

An advance fee payment of $400 for minor surgery to be performed in July 2013 was credited to Fees earned.

Debit Fees Earned for 400
Credit Unearned Fees for 400

This is to correct the original entry, which was recorded improperly.

Thankss... could u please check to see if I have done these correct

Rates owing at 30 June, $2120
DR Rates expense 2120
CR Rates payable 2120

Prepaid insurance of $1240 has expired
DR Insurance expense 1240
CR preapid isurance 1240

Salaries earned but not paid amount to $2360
DR salaries expense 2360
CR salaries payable 2360

I do not know what rates is so your accounts could be incorrect for the first entry, but your other journal entries look correct.

I can't get the adjusted trial balance to be balanced.. I think this was due to the mortgage only recorded on credit $1000...