194. Mike Conway is a lawyer who requires that his clients pay him in egai services rendered. Mike routinely credits Service Revenue when his clients pay him in advance. In June Mike collected €20,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Mike's firm at the end of June? a. Unearned Service Revenue 15,000 Service Revenue 15,000 b. Unearned Service Revenue 5,000 Service Revenue 5,000 C. Cash 20,000 20,000 Service Revenue d. Service Revenue 5,000 Unearned Service Revenue 5,000

194. Mike Conway is a lawyer who requires that his clients pay him in egai services rendered. Mike routinely credits Service Revenue when his clients pay him in advance. In June Mike collected €20,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Mike's firm at the end of June? a. Unearned Service Revenue 15,000 Service Revenue 15,000 b. Unearned Service Revenue 5,000 Service Revenue 5,000 C. Cash 20,000 20,000 Service Revenue d. Service Revenue 5,000 Unearned Service Revenue 5,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Riverrun Company provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay $29,500 for medical insurance and contribute an additional $9,600 to a retirement program. Record the entry for these accrued (but unpaid) benefits on December 31. View transaction list Journal entry worksheet 1 Record the costs of employee benefits. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >
Answer each of the questions below submitting your response in the reply section. Some answer will require a sentence or two while others may require you to calculate a numerical response. On January 1, a flower shop contracts with customers to provide flowers for their wedding on June 2. The total contract price is $3,000, payable in equal installments for the next six months on the first of each month (with the first payment due January 1). How much will be recorded as revenue during the month of April? American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June? Which account type is used to record bad debt estimation and is a contra account to Accounts Receivable? Racing…
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No 1 Required Information [The following information applies to the questions displayed below.] d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week. (Round your answers to 2 decimal places.) 2 The following Information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $27 per hour and 1⁄2 times her regular rate for hours over 43 per week. Kayla worked 45 hours the first week in January. Kayla's federal income tax withholding is equal to 12 percent of her gross pay. Webber pays medical Insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,050. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber pays medical Insurance of $115 per week for Paula and contributes $95 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2…
Problem 3 - 13A (Algo) Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. The annual salary is $66, 600 with a standard workweek of 40 hours. During the pay period ending February 4, 2022, Parker worked 8 hours of overtime. Parker is married filing jointly with two dependents under the age of 17. Required: Complete the following payroll register for Parker's pay. Note: Round your intermediate calculations and final answers to 2 decimal places.\table [[Company, Forise In,
You are the business owner of Entity A. You have 10 employees, each earning P20,000 per month. You pay salaries on a bi-monthly basis. During the month of April 20x1, none of your employees were absent, late or have rendered overtime service. When will you recognize the salaries expense (and at what amount) for the first payday in the month of April 20x1? Timing of recognition Amount recognized a. April 1 b. April 15 c. April 1 d. April 15 20,000 20,000 100,000 100,000
a.On April 1, the company retained an attorney for a flat monthly fee of $1,000. Payment for April legal services was made by the company on May 12. b,As of April 30, $2,102 of interest expense has accrued on a note payable. The full interest payment of $6,307 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 falls 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. The subsequent entry during May to record payment of the accrued expenses. (Use 360 days a year. Do not round intermediate calculations.) 1.On April 1, the company retained an attorney for a flat monthly fee of $1,000. Payment for April…
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At Bramble Company, employees are entitled to one day’s vacation for each month worked. In January, 70 employees worked the full month. Record the vacation pay liability for January, assuming the average daily pay for each employee is $120. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal place, eg. 2500.) Date Account Titles and Explanation Debit Credit Jan. 31
Subject: acounting
Erin's Hair Styling files GST returns quarterly. During the first quarter of the year, Erin billed customers for a total of $12,500 and then added the GST. In the same period, Erin paid $2500 to suppliers and $6000 for rent, plus the GST on these goods and services. What GST must Erin remit to the Canada Revenue Agency for the last quarter? O $200 O $625 O $385 O $425