Clark Company pays its employees every Friday for a five-day work week. The amount of weekly payroll is $100,000. December 31 of the current year is a Thursday. Make the appropriate adjusting entry December 31.
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- Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.McFriend Inc. records its liabilities for employees’ vacations at the end of each month. For the month of January, McFriend had 46 employees who are paid an average of $144 per day. The company allows 15 paid vacation days per year. Required: Prepare the journal entry to record the monthly vacation accrual for July 1.McFriend Inc. records its liabilities for employees’ vacations at the end of each month. McFriend has 50 employees who are paid an average of $176 per day. The company allows 10 paid vacation days per year. For the August 31 payroll, McFriend pays its employees $160,000 for time worked and $10,000 for vacation taken. Required: Prepare the journal entry to record McFriend’s August 31 payroll.
- McFriend Inc. records its liabilities for employees' vacations at the end of each month. For the month of January, McFriend had 50 employees who are paid an average of $176 per day. The company allows 15 paid vacation days per year. Prepare the journal entry to record the vacation accrual for January.Accountants Plus has a 5 day work week (Monday through Friday) and pays its employees every other Friday. Each of the 10 employees earns $1,000 per week. December 31 was the second Tuesday in the pay period. The federal income tax rate is 15%, the state income tax rate is 3%, and the FICA rate is 7.65%. The adjusting journal entry required on 12/31 would include a:Oriole provides its employees two weeks of paid vacation per year. As of December 31, 70 employees have earned two weeks of vacation time to be taken the following year. If the average weekly salary for these employees is $920, what is the required journal entry to accrue compensated absences? Debit Salaries and Wages Payable for $128295 and credit Salaries and Wages Expense for $128295. No journal entry required. Debit Salaries and Wages Expense for $128800 and credit Salaries and Wages Payable for $128800. Debit Salaries and Wages Expense for $64400 and credit Salaries and Wages Payable for $64400.
- Bon Jovie Industries warrants its products for one year. The estimated product warranty is 4.3% of sales. Sales were $475,000 for September. In October, a customer received warranty repairs requiring $215 of parts and $65 of labor. Required: Journalize the adjusting entry required at September 30, the end of the first month of the current year, to record the estimated product warranty expense. Journalize the entry to record the warranty work provided in October.On January 1, 2018, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation eachyear, with the stipulation that vacations earned each year can be taken the following year. For the year endedDecember 31, 2018, Poplar Fabricators’ employees each earned an average of $900 per week. Seven hundredvacation weeks earned in 2018 were not taken during 2018.Required:1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2018.2. Suppose that, by the time vacations actually are taken in 2019, wage rates for employees have risen by anaverage of 5 percent from their 2018 level. Also, assume wages earned in 2019 (including vacations earnedand taken in 2019) were $31 million. Prepare a journal entry that summarizes 2019 wages and the paymentfor 2018 vacations taken in 2019.Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $285,000 for January. In February, a customer received warranty repairs requiring $195 of parts and $70 of labor. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. Product Warranty Expense Product Warranty Payable b. Journalize the entry to record the warranty work provided in February. Product Warranty Payable Supplies Wages Payable
- On September 1, Kennedy Company loaned $112,000, at 9% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end?Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1. Demello has a $15,600, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $6,500 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $3,400. Demello billed the customer on January 7, 2022, and collected the full amount on 3. January 18, 2022. 4. Demello received the $480 December utility bill on January 10, 2022.…Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1. Demello has a $ 14,400, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $ 6,900 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. 3. Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $ 3,490. Demello billed the customer on January 7, 2022, and collected the full amount on January 18, 2022. 4. Demello received the $ 495 December utility…
