Each of the following Independent events requires a year-end adjusting entry. a. Paid $9,100 cash in advance on July 1 for a one-year lease on office space. b. Purchased $3,100 of supplies on account on April 15. At year-end, $320 of supplies remained on hand. c. Received a $8,700 cash advance on July 1 for a contract to provide services for one year beginning immediately. d. Paid $4,400 cash in advance on February 1 for a one-year Insurance policy. Required Record each event and the related adjusting entry in general Journal format. The first event is recorded as an example. Assume a December 31 closing date. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Date July 1 December 31 Account Titles Prepaid rent Cash Rent expense (9,100 × 6/12) Prepaid rent View transaction list Journal entry worksheet Date Apr. 15 Note: Enter debits before credits. General Journal 1 2 3 4 5 6 Record supplies purchase on account. Record entry Debit Credit 9,100 9,100 Clear entry 4,550 4,550 Debit Credit View general journal

Each of the following Independent events requires a year-end adjusting entry. a. Paid $9,100 cash in advance on July 1 for a one-year lease on office space. b. Purchased $3,100 of supplies on account on April 15. At year-end, $320 of supplies remained on hand. c. Received a $8,700 cash advance on July 1 for a contract to provide services for one year beginning immediately. d. Paid $4,400 cash in advance on February 1 for a one-year Insurance policy. Required Record each event and the related adjusting entry in general Journal format. The first event is recorded as an example. Assume a December 31 closing date. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Date July 1 December 31 Account Titles Prepaid rent Cash Rent expense (9,100 × 6/12) Prepaid rent View transaction list Journal entry worksheet Date Apr. 15 Note: Enter debits before credits. General Journal 1 2 3 4 5 6 Record supplies purchase on account. Record entry Debit Credit 9,100 9,100 Clear entry 4,550 4,550 Debit Credit View general journal

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 9Q

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Estimated payments for individual taxpayers are due on the following dates: Twice a year on April 15 and September 15 Four installments on April 15, June 15, September 15, and January 15 of the next year Four times a year on April 15, July 15, September 15, and December 15 Twice a year on June 15 and December 15
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. Required: 1. Prepare the related journal entries for April 1, May 1, and June 1. 2. Then compute the monthly property tax expense that Cee & Co. would record during July through March.
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An entity has 100 employees, who are each entitled to five (5) working days of paid sick leave for each year. Unused sick leave may be carried forward for one calendar year. Sick leave is taken first out of the current year's entitlement and then out of any balance brought forward from the previous year (a LIFO basis). At December 30, 20x1, the average unused entitlement is two days per employee. The entity expects, based on past experience which is expected to continue, that 92 employees will take no more than five days of paid sick leave in 20x2 and that the remaining 8 employees will take an average of six and a half days each. The average salary per day, per employee in 20x1 is P4,000 and it is not expected to change in 20x2. How much is the accrued salaries as of December 31, 20x1? Select the correct response: 208,000 24,000 48,000
The City of Breneman allows employees to accrue 30 days of vacation leave. Employees receive the accrued vacation leave in pay when they terminate employment or retire. The value of the unused vacation pay was $50,000 at the beginning of the year and $40,000 at the end of the year. Of the ending balance, $15,000 was owed to employees who retired during the last month of the fiscal year, and this amount will be paid in the first month of the next fiscal year. What amount of vacation pay liability will be recorded in the general fund as of the end of the fiscal year? $10,000 $40,000 None of these $50,000 $15,000
Chavez Co.’s salaried employees earn four weeks’ vacation per year. Chavez estimated and must expense $8,000 of accrued vacation benefits for the year. (a) Prepare the December 31 year-end adjusting entry for accrued vacation benefits. (b) Prepare the entry on April 1 of the next year when an employee takes a oneweek vacation and is paid $500 cash for that week.
An entity has 100 employees, who are each entitled to five working days of paid sick leave for each year. Unused sick leave may be carried forward for one calendar year. Sick leave is taken first out of the current year’s entitlement and then out of any balance brought forward from the previous year (a LIFO basis). At December 31, 2021, the average unused entitlement is two days per employee. The entity expects, on the basis of experience that is expected to continue, that 92 employees will take no more than five days of paid sick leave in 2022 and that the remaining eight employees will take an average of six and a half days each. The 2021 salary rate is P1,000 per day which increases by P50 each year. How much is the Liability for Compensated Absences as of yearend 2021? How much is the Sick Pay Expense for 2021?
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