djusting entries for accrued salaries Instructions Chart of Accounts Journal Instructions Paradise Realty Co. pays weekly salaries of $12,250 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Monday and (b) on Thursday. Refer to the Chart of Accounts for exact wording of account titles. O Journal (a) Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Monday, March 31 exact wording of account titles. 1 2 3 1 DATE 3 DATE DESCRIPTION (b) Journalize the necessary adjusting entry at the end of the accounting period, assu exact wording of account titles. All work saved. Adjusting Entries DESCRIPTION JOURNAL Adjusting Entries POST. REF. JOURNAL DEBIT hing that the period POST. REF. DEBIT CREDIT s on Thursday, CREDIT March 3 Email Inst 60°F Sun

djusting entries for accrued salaries Instructions Chart of Accounts Journal Instructions Paradise Realty Co. pays weekly salaries of $12,250 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Monday and (b) on Thursday. Refer to the Chart of Accounts for exact wording of account titles. O Journal (a) Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Monday, March 31 exact wording of account titles. 1 2 3 1 DATE 3 DATE DESCRIPTION (b) Journalize the necessary adjusting entry at the end of the accounting period, assu exact wording of account titles. All work saved. Adjusting Entries DESCRIPTION JOURNAL Adjusting Entries POST. REF. JOURNAL DEBIT hing that the period POST. REF. DEBIT CREDIT s on Thursday, CREDIT March 3 Email Inst 60°F Sun

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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The following adjusting entry for accrued wages was recorded on December 31:Dec. 31 Wages Expense 5,500 Wages Payable 5,500a. Journalize the reversing entry that would be made on January 1 of the next period.b. Assume that the first paid period of the following year ends on January 6 and that wages of $61,375 were paid. Journalize the entry to record the payment of the January 6 wages.c. Journalize the entry to record the payment of the January 6 wages assuming that a reversing entry was not made on January 1.d. What is wages expense for the period January 1–6?
On October 1, Vista View Company rented warehouse space to a tenant for $2,100 per month and received $10,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting perlod ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: Multiple Choice $10,500. $6,300. $2,100. $8,400. $4,200. MacBook Air
Help On October 1, Vista View Company rented warehouse space to a tenant for $3,900 per month and received $19,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: Multiple Choice $15,600 $3,900, $19,500. $7,800. $11,700. Type here to search W P 7:27 F 100% 2/21/20
Lakeview Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ($64,000), payroll deductions for income tax ($6,400), payroll deductions for FICA ($4,800), payroll deductions for American Cancer Society ($2,400), employer contributions for FICA (matching), and state and federal unemployment taxes ($560). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. b. Collected rent revenue of $5,700 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the…
Suppose a customer rents a vehicle for three months from Franklin Rental on November 1, paying $3,750 ($1,250/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0).
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…
Current Attempt in Progress The bookkeeper for Sandhill Company asks you to prepare the following accrual adjusting entries at December 31. Use these account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) a. b.. C No. a. b. C. D Interest on notes payable of $420 should be accrued. Services performed but unbilled totals $1,780. Salaries of $750 earned by employees have not been recorded or paid. Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Debit Credit www
Select all that apply Vance Co. allows employees to take a two week vacation each year. To account for the two weeks off each year, Dante will record an adjusting entry to which of the following accounts? Multiple select question. Credit to Salaries and Wages Payable. Credit to Cash. Debit to Cash. Credit to Vacation Benefits Payable. Debit to Vacation Benefits Expense. Debit to Salaries and Wages Expense.
Adjusting, Closing, and Reversing Entries Prepare adjusting, closing, and payroll entries for wages using two methods. Wages paid during 20-1 are $24,080. Wages earned but not paid (accrued) as of December 31, 20-1, are $240. On January 3, 20-2, payroll of $920 is paid, which includes the $240 of wages earned but not paid in December. 1. Prepare the entries without making a reversing entry.
Prospect Realty Co. pays weekly salaries of $16,980 for a six-day workweek (Monday thru Saturday). Journalize the necessary adjusting entry assuming that the accounting period ends on Friday. Refer to the Chart of Accounts for exact wording of account titles.
Adjustment for accrued expenseWe-Sell Realty Co. pays weekly salaries of $11,800 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry (include an explanation) assuming that the accounting period ends on Wednesday.
Adjustment for Accrued Expense We-Sell Realty Co. pays weekly salaries of $17,625 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry assuming that the accounting period ends on Tuesday. If an amount box does not require an entry, leave it blank.