Choose the letter of the correct answer. Prepare adjusting entry for salaries expensea. Salaries Payable P970 DebitSalaries Expense P970 Creditb. Salaries Expense P970 DebitSalaries Payable P200 Creditc. Salaries Expense P970 DebitCash P970 Creditd. Salaries Payable P970 Debit Cash P970 Credit On April 1, 2016, Mar Cruz, a lawyer, opened his own legal practice. Thebusiness adjusts and closes its accounts at the end of each month. The following trial balance was prepared after one month of operations.More information:#31 No interest has yet been paid on the note payable. Accrued interest at April 30 amounts to PHP200.# 32 Salaries earned by the office staff but not yet recorded or paid amounted to PHP970 by April 30.#33 Many clients are asked to make advance payment for legal services to be rendered in future months. These advances are credited tothe Unearned Service Revenue account once received. During April, PHP5,020 of these advances were earned by the business.#34 Office supplies on hand by April 30 amounted to PHP400.# 35 The office equipment was purchased on April 1 and is being depreciated over an estimated useful life of 10 years with no residualvalue.Unadjusted Trial BalanceDebitCreditAccount Title and ExplanationCashPhp10,060Accounts ReceivablePrepaid Expenses7,800Supplies1,460Office Equipment26,400Php0Acc. Depn-Off Eqpt16,000Notes PayableInterest Payable15,020Unearned Service Revenue20,000Cruz, Capital3.000Cruz, Withdrawal2,6801.2001,580Service RevenueSupplies ExpenseSalaries ExpenseTotal52,60052,600

According to the given data provided, the salaries are earned but not recorded are termed as…

Choose the letter of the correct answer. Prepare adjusting entry for salaries expense a. Salaries Payable P970 Debit Salaries Expense P970 Credit b. Salaries Expense P970 Debit Salaries Payable P200 Credit c. Salaries Expense P970 Debit Cash P970 Credit d. Salaries Payable P970 Debit Cash P970 Credit

Choose the letter of the correct answer. Prepare adjusting entry for salaries expense a. Salaries Payable P970 Debit Salaries Expense P970 Credit b. Salaries Expense P970 Debit Salaries Payable P200 Credit c. Salaries Expense P970 Debit Cash P970 Credit d. Salaries Payable P970 Debit Cash P970 Credit

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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В E H. 1 Use the following adjusted trial balance and additional information to complete the requirements: Company XYZ Adjusted Trial Balance December 31, 2020 4. 19,200 51,000 6. Cash Merchandise Inventory Store Supplies Equipment 10 Accumulated depreciation, equipment Accounts payable Salaries payable Claire Smith, Capital 7 8. 950 6. 43,500 15,400 8,950 1,200 68,000 11 12 13 14 Claire Smith, Withdrawals 7,000 15 Interest Income 400 16 Sales 326,000 Sales Discounts 6,100 4,000 150,000 3,850 1,600 28,300 29,800 13,500 27,000 5,750 17 18 Sales Returns and Allowances 19 Cost of Goods Sold 20 Depreciation expense, store equipment 21 Depreciation expense, office equipment 22 Sales salaries expense Office salaries expense 23 24 Insurance expense Rent expense (70% is store, 30% is office) Store supplies expense 27 Advertising expense 25 26 28,400 419,950 28 Totals 419,950 29
what would the entry be to close it if the salary expense account has a debit balance of $1400
What is the adjusted trial balance?
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ABC Company has the following T Account at the end of the year: Post to T-Acct (aka Ledger) Asset Cash Liability + C/ stock - Dividend + Acct Payable Commonstah Dividend Revenue 30,000 1,000 500 Common stah Dividend Service Revenue 30,000 480 Expense Rent expense 41000 500 15,000 4,000 5,000 15,000 480 Travel expense 1,000 Insurance expense 5,000
NAME Barney, R. S. Fisk, M. C. Hayes, W. O. Lee, L. B. Parks, S. J Tempy, E. B. EARNINGS EARNINGS EARNINGS UNEMPLOYMENT SECURITY MEDICARE 1,932.00 1,932.00 1,932.00 1,932.00 567.00 567.00 567.00 567.00 483.00 483.00 483.00 483.00 679.00 679.00 679.00 679.00 578.00 578.00 578.00 578.00 546.00 546.00 546.00 546.00 4.785.00 4,785.00 4,785.00 4,785.00 DATE ..... 20-- Jan. 7 Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000. 1,932.00 567.00 483.00 Give the entry in general journal form to record the payroll tax expense. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. 679.00 578.00 546.00 4,785.00…
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O The totals from the first payroll of the year are shown below. Total FICA HI Earnings $36,195.10 $524.83 FICA OASDI $2,244.10 FIT W/H $6,515.00 State Tax $361.95 Union Dues $500.00 Net Pay $26,049.22 Journalize the entry to record the payroll. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.
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V21
adjusted ELIOT PAINTING SERVICES Worksheet (Partial) for the year ended 30 June 2019 Adjusted trial balance Credit Balance sheet Debit Income statement Account Debit Debit Credit Credit Cash at Bank 1 230 Accounts Receivable Prepaid Rent Office Supplies 75 600 1 800 8 320 Equipment Accum. Depr. Equip't Accounts Payable 160 000 25 000 54 000 Salaries Payable Unearned Revenue F. Elliot, Capital F. Elliot, Drawings Painting Revenue Salaries Expense Rent Expense Depreciation Expense Telephone Expense 8 760 3 430 101 500 22 000 219 650 106 000 6 050 8 040 4 020 Office Supplies Used 10 080 Sundry Expenses 9 200 $412 340 5412 340 Profit for the period Required: a) Complete the worksheet. b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the entity's accounting period