Alex is an independent contractor and performed 3 hours of work for you that you will bill to your customer at a rate of $40 per hour. Alex's rate is $25 per hour. When you entered the bill you received from Alex for his time, what is the journal entry that is recorded? (If no entry is required, select "No debit" or "No credit" in the account fields.) Account Contract labor expense Accounts payable Debit 0 0 Credit 0x 120 x
Q: A business issued a 30-day note for $57,000 to a bank. The note was discounted at 7%. Assume a 360…
A: The objective of this question is to understand how to journalize the issuance and payment of a…
Q: Create a time card for Bill Brown, employee number 145, for the pay period ending on August 31 (use…
A: B & C SPOTTING GOODS--TIME CARD B & C SPOTTING GOODS--TIME CARD Employee No 145 Name…
Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this…
A: Expense booking entry will be Wages expense Ac Dr 5064.5 to Net payroll payable 5064.5 being expense…
Q: Gomez Corporation uses the allowance method to account for uncollectibles. On January 31, it wrote…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator.…
A: Payroll Calculations for Floatin Away CompanyConsultant:Regular earnings rate: $5,000 per week…
Q: Floatin Away Company has three employees a consultant, a computer programmer, and an administrator.…
A: Gross Pay: The total amount of salary, wages, overtime, commission, bonus paid by the employer to…
Q: Nash Company pays its office employee payroll weekly. Below is a partial list of employees and their…
A: Payroll is the method used to compensate employees for the work they have completed. The federal…
Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $460,000;…
A: The company withholds federal and state income taxes as well as Social Security and Medicare taxes…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Payroll is the payment that a company is required to pay to its employees for a set period of time…
Q: repare the employer's September 30 journal entries to record salary expense and its elated payroll…
A: Payroll Payroll is the procedure for paying staff of a firm, to put it simply. It entails gathering…
Q: Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator.…
A: Payroll is the method used to determine and pay employees for the job they have completed while…
Q: Journalize the following selected transactions of Mirmax Rentals. Omit explanations. Aug. 1…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Johnson Hardware Supply, Inc., sells on account. When a customer account becomes four months old,…
A: Interest revenue=Sales revenue×9%×60360=$24,000×9%×60360=$360
Q: From the following information, prepare a general journal entry to record the employee benefits…
A: Payroll refers to the compensation that is paid by the employer to the employees for the services…
Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…
A: Maturity value of the note = Face value of bonds + Interest
Q: The activity on Monique Ramirez’ Visa account for one billing period is shown below. Find the…
A: Finance charge is the charges charged by a credit card company which is calculated on the basis of…
Q: Compute K Melo Company has three employees a consultant, a computer programmes, and an…
A: Answer:- Gross and net pay meaning:- Gross pay means the amount paid to employee before making any…
Q: Following are transactions for Ridge Company. March 21 Accepted a $14,600, 180-day, 9% note from…
A: To calculate the interest amounts at September 17 for Ridge Company's transaction with Tamara…
Q: Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information…
A: EI premium are calculated as a percentage insurable earnings subject to a maximum of insurable…
Q: Luna Company accepted credit cards in payment for $7,100 of services performed during July Year 1.…
A: A journal entry is a record of a business transaction in double- entry secretary. It's the first…
Q: A weekly time ticket for Joyce Caldwell follows: Labor Time Ticket Ticket Number: TT 338 Employee:…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Emperor Pool Services provides pool cleaning and maintenance services to residential clients. It…
A: Warranty expense is recorded by company as a liability expense to be made in future.
Q: K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…
A: The objective of the question is to calculate the gross pay and net pay for each of the three…
Q: Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 2…
A: Gross pay is the amount they earn before taxes, benefits, and other payroll deductions are deducted…
Q: Whispering SE's weekly payroll, paid on Fridays, totals € 6,600. Employees work a 5-day week.…
A: From Monday to Wednesday = 3 days Salaries expense has been accrued for 3 days till December 31.
Q: Karen Law firm has paid $52,400.00 in salaries for the first quarter. Ms. Karen has computed the…
A: Journal entry : It is prepared to record the financial and non-financial transactions of the…
Q: ayroll Register and Payroll Journal Entry 1. Prepare a payroll register for Mary’s Luxury Travel…
A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…
Q: The accounting clerk at Tenity Enterprises is paid $10.40 per hour. During a week’s pay period, the…
A: The gross pay indicates the total wages warned by the employee. The gross pay refers to the total…
Q: In the month of September, Billy Jo made the following purchases: $4,000.00 on September 3…
A: Data given: Previous balance=Nil APR=15% Minimum payment=2% Details of purchases Date Amount…
Q: Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and…
A: The employee also paid overtime if the actual hours worked are more than the normal working hours.…
Q: Determine the gross pay and the net pay for each of the three employees for the current pay period.…
A: Payroll is the total of all compensation a business must pay to its employees for a set period of…
Q: be entéréd as 5678.00. Day Activity Adjustment Closing Balance 1 7500 11 Payment -500 7000 21…
A: In this we have to calculate total monthly balance and than find out average daily balance.
Q: On April 5, Jessica had a balance due on her credit card of $927.85. From April 5 through May 4,…
A: Here, Previous Balance is $927.85 Additional Charges is $335.66 Payment is $700 Interest Rate per…
Q: Completing the Payroll Register The Employee Payroll Register presents all the computations…
A: The payroll process is related to calculating the gross pay, all the applicable taxes, allowed…
Q: On February 33, the billing date, Carol Ann Bluesky had a balance due of $122.39122.39 on her…
A: The average daily balance in accounting is often used for fee assessments. For their accounts, many…
Q: Kitchen Equipment Company uses the allowance method to account for uncollectibles. On Oçlober 31, it…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Record the invoices amounting to $81,300 from the contracts.
A: Journalizing is the process of recording financial transactions in a journal, where each entry…
Q: Adam 43 $12.00 $10.00 14.00 13.00 Anna 45 13.00 Era 46 7.00 The applicable taxes include: FICA…
A: "Since you have asked multiple question we will solve the first question for you. If you want any…
Q: Record the Contracted services of $82,500 as performed
A: Journalizing is the process of recording financial transactions in a journal, where each entry…
Q: Following are transactions for Ridge Company. March 21 Accepted a $11,900, 180-day, 7 % note from…
A: NOTES RECEIVABLEA note receivable is a kind of promise in writing that the holder is entitled to…
Q: Oriole Company has the following data for the weekly payroll ending January 31. Employee L. Helton…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: Use the unpaid balance method to find the finance charge on the credit card account. Last month's…
A: Unpaid balance method In case of the unpaid balance method, the finance charge is based on all…
Q: Use the unpaid balance method to find the finance charge on the credit card account. Last month's…
A: Last month's balance = $400 Payment = $350 Interest rate = 16.7% Bought plane ticket = $100 Bought…
Q: Journalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to…
A: Payroll is the compensation a business must pay to its employees for a period it include employees…
Q: Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company…
A: Payroll of a company consists of the wages, salaries, and employee benefits and taxes deductions.…
Q: On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an…
A: Notes payable are a kind of long-term liability that show the money that a firm owes its financiers,…
![Alex is an independent contractor and performed 3 hours of work for you that you will bill to your customer at a rate of $40 per hour.
Alex's rate is $25 per hour. When you entered the bill you received from Alex for his time, what is the journal entry that is recorded? (If no
entry is required, select "No debit" or "No credit" in the account fields.)
Account
Contract labor expense
Accounts payable
Debit
0
0
Credit
0x
120 x](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7dc4d8cb-a3d1-495b-b370-c1ff7fd9df51%2F02063046-b126-47c8-a525-1d8b412d5df7%2Fqb10pkb_processed.jpeg&w=3840&q=75)
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- A credit card company determines a card holder's minimum monthly payment by adding all new interest to 1.5% of the outstanding principal. The credit card company charges an interest rate of 0.05814% per day. On November 10, a customer used his credit card to pay for the following business expenses: van repairs ($654), equipment maintenance ($461), office supplies ($138), and dinner with clients ($123). Use the given information and the rule that minimum payments are rounded up to the nearest dollar to answer parts a and b below. a. Assuming the card holder had no new interest, determine his minimum payment due on December 1, his billing date. The card holder's minimum payment due on December 1 is $On August 2, Jun Co. receives a $7,300, 90-day, 12% note from customer Ryan Albany as payment on his $7,300 account. 1. Compute the maturity date for the above note. multiple choice October 29 October 30 October 31 November 1 November 2 2. Prepare Jun’s journal entry for August 2. 1 Record receipt of note on account.The activity date, company, and amount for a credit card bill are shown below. The due date of the bill is July 10. On June 10, there was an unpaid balance of $987.81. Find the finance charge if the interest rate is 1.9% per month. (Round your answer to the nearest cent.) $ X Activity Date June 10 June 11 June 12 June 15 June 16 June 20 June 22 June 28 June 30 July 2 July 8 Company Unpaid balance Jan's Surf Shop Albertson's The Down Shoppe NY Times Sales Cardiff Delicatessen The Olde Golf Mart Lee's Hawaiian Restaurant City Food Drive Credit card payment Safeway Stores Amount 987.81 156.33 45.61 59,84 18.54 23.09 126.92 41.78 100.00 -1000.00 161.38 4
- Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant $2,010 per week Not applicable Gross pay Net pay Computer Programmer $34 per hour 1.5 times hourly rate 2 Regular earnings rate $46 per hour Overtime earnings rate 2 times hourly rate 3 1 Number of withholding allowances For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. 2,010 ✔ Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a…For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% per month on the average daily balance Find (a) the average daily balance, (b) the monthly finance charge, and (e) the account balance for the next billing Previous Balance: $485.26 January 13 Billing Date January 15 Retums January 20 Clothes January 27 Bus Sickets February 2 Payment February 6 Flowers $105.09 $114.34 $76.83 $130 $64.41 (a) The average daily balance is (Round to the nearest cent as needed.) (b) The finance charge is (Round to the nearest cent as needed) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.)
- K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Line Item Description Consultant Computer Programmer Administrator Regular earnings rate $3,310 per week $28 per hour $50 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $920 $250 $500 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 53 hours and the administrator worked 61 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the gross pay and the net pay for each of the three employees for the current…Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate* Number of withholding allowances Consultant Computer Programmer Administrator $3,010 per week $30 per hour $50 per hour Not applicable 1.5 times hourly rate 2 times hourly rate 3 2 1 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $276.54 to 24% of the difference between the employee's amount subject to withholding and $1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three…A weekly time ticket for Joyce Caldwell follows: Labor Time Ticket Ticket Number: TT 338 Employee: Joyce Caldwell % Date Monday, 8/12 Tuesday, 8/13 Wednesday, 8/14 Thursday, 8/15 Friday, 8/16 View transaction list < 1 Time Started Journal entry worksheet 7:00 AM 7:00 AM 7:00 AM Transaction a 7:00 AM 12:00 PM 7:00 AM Note: Enter debits before credits. Record entry Dates: Monday 8/13 Record Joyce's wages to be paid at a later date. Required: Prepare a journal entry to record Joyce's wages. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. 1 General Journal Clear entry Friday 8/17 Time Ended 11:00 AM 4:00 PM 3:00 PM Weekly Totals Hourly Labor Rate Total Wages Earned 3:00 PM 3:00 PM 3:00 PM Total Hours 8 hours 8 hours 8 hours Debit 4 hours 4 hours 8 hours 40 hours × $29 $ 1,160 Credit Job Number Job 271 Job 271 Job 272 Job 272 Maintenance Job 273 View general journal
- Provide the following independent journal entries: a. July 31, 2019. We had $1,000,000 of credit sales in July. We estimate that our bad debt expense will be 1% of credit sales. b. Aug. 15, 2019. We have an account receivable from Frank Farmworker for $500. On Aug. 15 we decide that we will not collect this account, so need to write it off. On Sept. 5 we get a check from Frank in the mail. c. Dec. 31, 2019. Allowance for Bad Debts currently has a credit balance of $7,200. We perform an aging of accounts receivable, and determine that the Allowance should have a balance of $10,100. d. Dec. 31, 2020. We age our accounts receivable: Age of accounts . Days: 1-30 31-60 61-9091+Total Accounts receivable$85,000$40,000$10,000$2,000$137,000 Estimate % uncollectible 1% 5% 20% 60% What balance should the…Wildhorse's gross earnings for the week were $1,800, his federal income tax with-holding was $332, and his FICA total was $138. a.) What was Wildhorse’s net pay for the week? b.) Journalize the entry for the recording of his pay in the general journal. (Note: Use Salaries and Wages Payable: not Cash.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount c.) Record the issuing of the check for Wildhorse’s pay in the general journal. Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amountcan someone help me with journal entry with the following entries? Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 On March 31, customers were billed $25,000. On June 15, cash collections from transaction (a) totaled $20,000. On 10/31, a customer balance of $1500 from a prior year was written off. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. On 12/31, bad debts were estimated at 2% of credit sales.
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)