0. On April 1, the company hired an attorney for April for a flat fee of $2.500. Payment for April legal services was made by the company on May 12. b. As of April 30, S1.386 of interest expense has accrued on a note payable. The full interest payment of $4,157 on the note is due on May 20. c. Total weekly salaries expense for all employees is $12.000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 flls on a Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3. The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record payment of the accrued expenses. (Do not round intermediate calculations.) View transaction list Journal entry worksheet On April 1, the company hired an attorney for April for a flat fee of $2,500. Payment for April legal services was made by the company on May 12. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date General Journal Debit Credit Apr 30 Record entry Clear entry View general journal

0. On April 1, the company hired an attorney for April for a flat fee of $2.500. Payment for April legal services was made by the company on May 12. b. As of April 30, S1.386 of interest expense has accrued on a note payable. The full interest payment of $4,157 on the note is due on May 20. c. Total weekly salaries expense for all employees is $12.000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 flls on a Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3. The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record payment of the accrued expenses. (Do not round intermediate calculations.) View transaction list Journal entry worksheet On April 1, the company hired an attorney for April for a flat fee of $2,500. Payment for April legal services was made by the company on May 12. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date General Journal Debit Credit Apr 30 Record entry Clear entry View general journal

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter11: Current Liabilities And Payroll

Section: Chapter Questions

Problem 4PA

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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
In the space provided below, prepare the journal entry to record the November payroll for all employees assuming that the payroll is paid on November 30 and that Joness cumulative gross pay (cell I13) is 85,000.
Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From December 28 through December 31, the employees earned 1,754, so the following adjusting entry was made: The first pay period in 20-2 was on Januar)-4. The totals line from Irina Companys payroll register for the week ended Januar)-4, 20-2, was as follows: REQUIRED 1. Prepare the journal entry for the payment of the payroll on January 4, 20-2. 2. Prepare T accounts for Wages and Salaries Expense and Wages and Salaries Payable showing the beginning balance, January 4, 20-2, entry, and aiding balance as of January 4, 20-2.
Adams, Inc., pays its employees weekly wages in cash. A supplementary payroll sheet that lists the employees names and their earnings for a certain week is shown below. Complete the payroll sheet by calculating the total amount of payroll and indicating the least possible number of denominations that can be used in paying each employee. However, no employees are to be given bills in denominations greater than 20.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
Payment and distribution of payroll The general ledger of Berskshire Mountain Manufacturing Inc. showed the following credit balances on January 15: Direct labor earnings amounted to 10,500 from January 16 to 31. Indirect labor was 5,700, and sales and administrative salaries for the same period amounted to 3,800. All wages are subject to FICA, FUTA, state unemployment taxes, and 10% income tax withholding. Required: 1. Prepare the journal entries for the following: a. Recording the payroll. b. Paying the payroll. c. Recording the employers payroll tax liability. d. Distributing the payroll costs for January 1631. 2. Prepare the journal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings. 3. Calculate the amount of total earnings for the period from January 1 to 15. 4. Should the same person be responsible for computing the payroll, paying the payroll and making the entry to distribute the payroll? Why or why not?
An analysis of the payroll for the month of November for CinMar Inc. reveals the information shown: All regular time Andrews, Lomax, and Herzog are production workers, and Dimmick is the plant manager. Hendrick is in charge of the office. Cumulative earnings paid (before deductions) in this calendar year prior to the payroll period ending November 8 were as follows: Andrews, 21,200; Lomax, 6,800; Herzog, 11,500; Dimmick, 116,200; and Hendrick, 32,800. The solution to this problem requires the following forms, using the indicated column headings: 1. Prepare an employee earnings record for each of the five employees. 2. Prepare a payroll record for each of the four weeks. 3. Prepare a labor cost summary for the month. 4. Prepare journal entries to record the following: a. The payroll for each of the four weeks. b. The payment of wages for each of the four payrolls. c. The distribution of the monthly labor costs per the labor cost summary. d. The company's payroll taxes covering the four payroll periods.
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Jenkins Inc. had the following transactions. Sep 1 Loaned $20,000 to an employee, who signed a 9-month, 9% note. Interest and principal will all be due on May 31. Dec. 31- Accrued interest on the note. (Round to the nearest whole dollar amount.) May 31 Received the interest on the note's maturity date. PE May 31 amount.) Required: Prepare the required journal entries. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table in the MSWord document provided, Received the principal on the note's maturity date. (Round to the nearest whole dollar
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