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Adjusting éntries for accrued salaries
Instructions.
Charz of Accounts
Journal
Instructions
Perimeter Realty Co. pays weekly'salaries of $14,800 on Friday for a five-day workweek ending on that day.
Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Wednesday and (b) on
Thursday. Refer to.the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every
line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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Note: For the income statement problems below, it is assumed that "income taxes" do
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Fees earned
Office expense
Miscellaneous expense
The revenues and expenses of Sentinel Travel Service for the year ended August
31, 2019, follow:
Wages expense
Expenses:
Prepare an income statement for the year ended August 31, 2019. A net loss should be entered as a
negative amount.
Sentinel Travel Service
Income Statement
For the Year Ended August 31, 2019
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Total expenses
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Course Home
A Not secure | openvellum.ecollege.com/course.html?courseld=15836449&HepID=07d540babdc75223ea4bcb31dba912cb#10001
My Courses
Amay Brown :| e
Intro to Financial Accounting 29:010:203 (Spring 2020)
|
02/11/20 3:01 PM
Course Home
Homework: Assignment 2
Save
Assignments
Score: 0.43 of 1 pt
HW Score: 75.6%, 9.07 of 12 pts
11 of 12 (11 complete) v
Study Plan
TI1-5 (similar to)
E Question Help
Results
18. Using the following information, complete the income statement, statement of retained earnings, and balance sheet for RN Painting for the month of March 2018. The business
began operations on March 1, 2018.
E (Click the icon to view the account balances.)
Pearson eText
Multimedia Library
Accounts Receivable
1700||Accounts Payable
Dynamic Study
Modules
Office Supplies
Stockholders' Equity
Retained Earnings
Syllabus
Service Revenue
Total Expenses…
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ITS-The Political S
A M7: Assignment No.1
10201Ox/aMzlzNzk 1NTQxNDg2/details
ВА..
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Open with
Activity No.:
Topic
: The Worksheet
Problems
The following are all the steps in the accounting cycle. List them
they should be done.
1.
the order in which
Closing entries are journalized and posted to the ledger.
- An unadjusted trial balance is prepared.
- An optional end-of-period spreadsheet (worksheet) is prepared.
-A post-closing trial balance is prepared.
- Adjusting entries are journalized and posted to the ledger.
- Transactions are analyzed and recorded in the journal.
Adjustment data are assembled and analyzed.
-Financial statements are prepared
An adjusted trial balance is prepared
Transactions are posted to the ledger
2.
7.
8.
6.
10
The balances for the accounts listed below appeared in the Adjusted Tral Balance
columns of the work
the Income Statement columns or
iobtndicato
ther cach…
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Ai Siska
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Saved
Help
Save & Exr
ers 8-12 & 14 Recap A
Check
Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data
concerning the company's operations in July appear below:
Vulcan Flyovers
Operating Data
For the Month Ended July 31
ts
Actual
Flexible Planning
Results
Budget
Budget
eBook
60
60
58
Flights (q)
$ 16,500 $ 20,700 $ 20,010
Hint
Revenue ($345.00g)
Expenses:
Wages and salaries ($3,300 + $88.00g)
Fuel ($33.00q)
Airport fees ($820 + $32.00g)
Aircraft depreciation ($9.00g)
Office expenses ($240 + $1.00g)
Total expense
8,544
2,144
2,590
8,580
1,980
2,740
540
8,404
1,914
2,676
Print
References
540
522
468
300
298
14,286
$ 2,214 $ 6,560 $ 6,196
14,140
13,814
Net operating income
The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an
overflight at a discount.
Required:
1. Prepare a flexible budget performance report for July that…
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9.
Sick pay benefits that are related to an employee's services already rendered, whose payment is
probable and the amount reasonably estimated, must be accrued and recognized as a current liability if
the obligation relates to rights that
Accumulate
Vest
а. No
No
b. No
Yes
с.
Yes
No
d. Yes
Yes
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/oa_school/activity_taking/f3e473999b625855bdf3f6a75f7b8f3a
1.00pt/s The consideration received from a contract with
34.)
a customer that does not meet the criteria unde
r'Step 1'of PFRS 15 is
A recognized as liability.
B.
recorded through memo entry only.
disclosed only,
D.
b and c
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7. The Civil Rights Act prohibits employment discrimination based on:
A. None of these
B. Race and color
C. Pay equity
D. Military service
8. The three types of interview questions are:
A. Open, unstructured, and behavioral
B. Structured, unstructured, and behavioral
C. Open, closed, and structured
D. Structured, destructured, and behavioral
9. Relevant documents are taken to a specific interview in:
A. None of these
B. A three-ring binder
C. A job search portfolio
D. An interview portfolio
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D
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eBook
Sidney Lexington, Capital
144,150
Sidney Lexington, Drawing
15,000
Fees Earned
429,850
Wages Expense
270,000
Rent Expense
63,000
Advertising Expense
25,200
Miscellaneous Expense
5,100
608,125
636,000
The debit and credit totals are not equal as a result of the following errors:
a. The cash entered on the trial balance was overstated by $7,000.
b. A cash receipt of $8,200 was posted as a debit to Cash of $2,800.
c. A debit of $16,500 to Accounts Receivable was not posted.
d. A return of $125 of defective supplies was erroneously posted as a $1,250 credit to Supplies.
e. An insurance policy acquired at a cost of $3,600 was posted as a credit to Prepaid Insurance.
f. The balance of Notes Payable was understated by $9,000.
g. A credit of $10,000 in Accounts Payable was overlooked when determining the balance of the account.
h. A debit of $5,000…
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Answer asap please and thank you!
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PARTNERSHIP DISSOLUTION
M and N admits O as a new partner. The partnership statement of financial position immediately before the
admission of C is shown below:
Cash
Accounts Receivable
Inventory
Total Assets
28,000
118,000
187,000
333,000
Accounts Payable
M, Capital (70%)
N, Capital (30%)
Total Liabilities & Equity
65,000
172,000
96,000
333,000
The following adjustments are determined:
a. The recoverable amount of the account receivable is P117,401.
b. A P30,000 recovery of a previous write-down on the inventory should be recognized.
c. Prepaid assets of P 4,600 and accrued liabilities of P 6,000 should be recognized.
Case # 1:0 acquires half of N's interest for P 120,000.
Case # 2: O invests P 81,250 cash to the partnership in exchange for a 25% interest.
Case # 2, Scenario A: O's capital account is credited for the fair value of the 25% interest he acquired.
For items 16-18, refer to Case #1
16. How much is the balance of M's capital account after O's admission?
а. Р 191,600.70
b. Р…
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Question 12: Match the payment due dates with the type of depositor.
Following Friday
Semiweekly (pay date Wed-Fri)
DROP HERE
Following Wednesday
Semiweekly (pay date Sat-Tues)
DROP HERE
15th of the next month
Monthly
DROP HERE
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y Indicate the impact on the incom X
Pattempt=D462760&cmid%3D605614#question-494581-29
ent Toolbox JSCC Bookstore English (United States) (en_us) -
Owner s Equity
Understated
Indicate the impact on the income statement and balance sheet if the following adjusting entries were omitted. You
should indicate which of the items shown would be overstated or understated.
Wages are paid every Friday for the 5-day work week. The month ended on Monday and no adjustment was
recorded.
Revenues
Understated
Expenses
Understated
Net Income
Correct
Assets
Overstated
Liabilities
Understated
Owner's Equity
Correct
Finish attempt.
4-Assignment 1-
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they should balance.
PA2.) Record journal entries for the following transactions of Barrera Suppliers.
A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45,
invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each.
B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable
condition at the original cost.
Û + O
C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance
of $200.
D. May 22: Customer paid their account in full with cash.
x Content
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customers
✓7. The right side of an account
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Where the red * is means it is incorrect. Could someone please give me the correct answers?
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- 9. Sick pay benefits that are related to an employee's services already rendered, whose payment is probable and the amount reasonably estimated, must be accrued and recognized as a current liability if the obligation relates to rights that Accumulate Vest а. No No b. No Yes с. Yes No d. Yes Yesarrow_forward/oa_school/activity_taking/f3e473999b625855bdf3f6a75f7b8f3a 1.00pt/s The consideration received from a contract with 34.) a customer that does not meet the criteria unde r'Step 1'of PFRS 15 is A recognized as liability. B. recorded through memo entry only. disclosed only, D. b and carrow_forward7. The Civil Rights Act prohibits employment discrimination based on: A. None of these B. Race and color C. Pay equity D. Military service 8. The three types of interview questions are: A. Open, unstructured, and behavioral B. Structured, unstructured, and behavioral C. Open, closed, and structured D. Structured, destructured, and behavioral 9. Relevant documents are taken to a specific interview in: A. None of these B. A three-ring binder C. A job search portfolio D. An interview portfolioarrow_forward
- D Rapidide (上り: Cengage × Ceng 4 x MindTal × Gtra keAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignm eBook Sidney Lexington, Capital 144,150 Sidney Lexington, Drawing 15,000 Fees Earned 429,850 Wages Expense 270,000 Rent Expense 63,000 Advertising Expense 25,200 Miscellaneous Expense 5,100 608,125 636,000 The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was overstated by $7,000. b. A cash receipt of $8,200 was posted as a debit to Cash of $2,800. c. A debit of $16,500 to Accounts Receivable was not posted. d. A return of $125 of defective supplies was erroneously posted as a $1,250 credit to Supplies. e. An insurance policy acquired at a cost of $3,600 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by $9,000. g. A credit of $10,000 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $5,000…arrow_forwardAnswer asap please and thank you!arrow_forwardPARTNERSHIP DISSOLUTION M and N admits O as a new partner. The partnership statement of financial position immediately before the admission of C is shown below: Cash Accounts Receivable Inventory Total Assets 28,000 118,000 187,000 333,000 Accounts Payable M, Capital (70%) N, Capital (30%) Total Liabilities & Equity 65,000 172,000 96,000 333,000 The following adjustments are determined: a. The recoverable amount of the account receivable is P117,401. b. A P30,000 recovery of a previous write-down on the inventory should be recognized. c. Prepaid assets of P 4,600 and accrued liabilities of P 6,000 should be recognized. Case # 1:0 acquires half of N's interest for P 120,000. Case # 2: O invests P 81,250 cash to the partnership in exchange for a 25% interest. Case # 2, Scenario A: O's capital account is credited for the fair value of the 25% interest he acquired. For items 16-18, refer to Case #1 16. How much is the balance of M's capital account after O's admission? а. Р 191,600.70 b. Р…arrow_forward
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