### Recording Salaries Payment in the General JournalWhen recording financial transactions, it’s important to properly document the details in a general journal. Here is a step-by-step guide based on the task of logging the payment of cash for salaries during January, totaling $121,000.**Instruction:**- Record the payment of cash for salaries during January, $121,000.**Note:**- Enter debits before credits.**General Journal Entry:**| Date | General Journal | Debit | Credit ||------------|-----------------|-------------|-------------|| January 31 | | | || | | | || | | | || | | | |**Buttons for Actions:**- **Record entry:** Click this button to finalize and save the entry.- **Clear entry:** This button allows you to reset the fields to make a fresh entry if needed.- **View general journal:** Use this button to see all recorded journal entries.---When making journal entries for salary payments, the debit amount reflects the increase in salary expense while the credit amount reflects the decrease in cash or bank balance. This ensures that the financial statements accurately portray the cash outflow for employee compensation. On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:**Account Balances:**- **Assets** - Cash: $23,800 - Accounts Receivable: $40,000 - Allowance for Uncollectible Accounts: $4,500 (credit) - Inventory: $37,000 - Supplies: $5,800 - Prepaid Insurance: $9,200- **Liabilities** - Accounts Payable: $22,800 - Notes Payable (6%, due in 3 years): $38,000- **Equity** - Common Stock: $37,000 - Retained Earnings: $78,100- **Totals** - Debits: $172,400 - Credits: $172,400The $37,000 beginning balance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions and activities:1. **January 3**: Purchased 1,600 units for $168,000 on account ($105 each).2. **January 8**: Purchased 2,200 units for $253,000 on account ($115 each).3. **January 12**: Sold 4,000 units on account for $620,000. The cost of the units sold is determined using a FIFO perpetual inventory system.4. **January 15**: Purchased 1,100 units for $126,500 on account ($115 each).5. **January 19**: Sold 1,370 units on account for $219,200.6. **January 22**: Paid $580 for inventory suppliers on accounts payable.7. **January 27**: Write off accounts receivable as uncollectible, $3,200.8. **January 31**: Pay cash for monthly salaries, $64,800.**End of January Information:**a. The remaining inventory is expected to sell in February for $100 each.b. Anticipated future uncollectible accounts: $4,700 of accounts receivable on January 31, 35% are estimated uncollectible. Of remaining accounts receivable, 5% are estimated uncollectible.c. Accrued interest expense on notes payable for January.d

9. S.no. Accounts Title and explanation Debit Credit 27-Jan Allowance for doubtful accounts…

Answered: Enventory January 27 Mrite off accounts…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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oft WE ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X + moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537 Graphics has the following notes payable transactions. Record these transactions in eneral journal. July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full payment of an account payable. 9Borrowed $5,000 from the bank sighing a 6%, 90-day note. 11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in payment of an account payable. Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note. The discount rate is 10%. Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc. Oct. 3Paid the interest due on the $5,000 note to the bank and renewed the principal for 30 days at 7%. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit because we are The Colle 10mdio playyas
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $ 10,700.00 Social security and Medicare taxes withheld 802.50 Income taxes withheld 343.00 Retirement savings 459.00 The entry to record the payment of net pay would include a a.credit to Salaries Expense for $9,095.50 b.debit to Salaries Payable for $9,095.50 c.credit to Salaries Payable for $9,095.50 d.debit to Salaries Payable for $10,700.00
inciples of Accounts - Chapter 18 2007 Mar Mar Mar Paounts: accounts: R. Burton, $140; E. Taylor, $220; R. Harris, $300 Mar 10 Paid motor expenses in cash, $44 Mar 15 Paid wages in cash, $160 Mar 18 The following paid their accounts by cheque, in each case deducting 5% cash discount: C, Winston, $260; R. Wilson and Son, $ 340; H. Winter, $460 Mar 21 Cash withdrawn from the bank $350 for business use Mar 24 Cash drawings, $120 Mar 29 Bought fixtures paying by cheque, $650 Mar 31 Received commission by cheque, $88 ne off at the end of the month
Journal Entries (Note Issued for Bank Loan) Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. T July 15 note is discounted 8% by the bank. Sept. 13 Paid the $5,000 note, recognizing the discount as interest expense. Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- Jul. 15 2 2 3 3 4 4 5 Sept. 13 6 6 7 7 8. 8 9.
JOURNAL Page 43 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Nov. 6 Payroll Cash 12 12,296.97 Cash 11 12,296.97 6 Administrative Salaries 51 2,307.69 Office Salaries 52 4,677.85 Sales Salaries 53 3,600.00 Plant Wages 54 4,898.00 FICA Taxes Payable - OASDI 20.1 959.99 FICA Taxes Payable - HI 20.2 224.53 Employees FIT Payable 24 902.00 Employees SIT Payable 25 475.37 Employees SUTA Payable 25.1 9.27 Employees CIT Payable 26 599.41 Union Dues Payable 28 16.00 Payroll Cash 12 12,296.97 6 Payroll Taxes 56 1,362.30 FICA Taxes Payable - OASDI 20.1 959.98 FICA Taxes Payable - HI 20.2 224.51 SUTA Taxes Payable - Employer 22 177.81 13 Payroll Cash 12 1,570.27 Cash 11 1,570.27 1. What is the total gross…
不 OA. debit Interest Expense and credit Cash for $800 OB. debit Interest Payable and credit Interest Expense for $800 OC. debit Interest Expense and credit Interest Payable for $800 OD. debit Interest Payable and credit Cash for $800 Wisconsin Bank lends Local Furniture Company $80,000 on November 1. Local Furniture Company signs a $80,000, 6%, 4-month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is:
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Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Annual Finance Purchases Payments and New Previous Periodic Percentage Rate (APR) Charge (in $) and Cash Balance Balance Rate Advances Credits (in $) (as a %) $1,027.61 % 1% $322.20 $400.00
Following are transactions of the Wipe-Out Company: Mar. 2 Accepted a $11,240, 5%, 90-day note dated this day in granting a time extension on the past-due account of JNC Company. Apr. 21 Discounted, with recourse, the JNC Company note at BancFirst at a cost of $50. June 2 Received notice from BancFirst that JNC Company defaulted on the note due May 31. Paid the bank the principal plus interest due on the note. (Hint: Create an account receivable for the maturity value of the note.) July 16 Received payment from JNC Company for the maturity value of its dishonoured note plus interest for 45 days beyond maturity at 5%. Sept. 3 Accepted a $5,040, 60-day, 5% note dated this day in granting Cecile Duval a time extension on her past-due account. 18 Discounted, without recourse, the Duval note at BancFirst at a cost of $25. Questions:Prepare entries to record the above transactions (The H.W question is a continuation) 1. Record the payment received from JNC…
Calculation of interest expenses
Copperfield and Company issued a 90-day, 6.00% note for $200,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity. 1 2 3 4 5 DATE 1 JUL 10 Accounts Payable Notes Payable 2 3 Notes Payable Accounts Payable Interest Expense DATE DESCRIPTION JOURNAL Jul 10 Accounts Payable POST. REF. DESCRIPTION Journalize the payment of the note at maturity as it should have been journalized. Don't forget to include the date. Assume a 360-day year. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. DEBIT 200,000.00 JOURNAL 212,000.00 POST. REF. CREDIT You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct. 200,000.00 200,000.00 12,000.00 DEBIT 20,000,000.00 Score: 4/37 CREDIT ASSETS 200,000.00…
Journal Entry: 9/19 - Issued a 60-day, 5%, $22,500 note to a customer 11/18 - The note issued on 9/19/21 was not collected, so the note was reclassified as Accounts Receivable, with accrued interest. Adjusting Journal Entry: 12/31 - Record interest due on outstanding note receivable that was converted to Accounts Receivable in November. A determination whether to write off the note as uncollectible will be made in 1Q22.

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S.no.	Accounts Title and explanation	Debit	Credit
27-Jan	Allowance for doubtful accounts	$3,200
	To accounts receivable		$3,200

Enventory January 27 Mrite off accounts receivable as uncollectible, $3, 200. January 31 Pay cash for salaries during January, $121,000. payabie.