EX 3-6 on that page 142Chapter 3 The Adjusting ProcessShowMeHow✓a. Amount of entry:$10,350ShowMeHowTo illustrate, the answer for the first account follows:AccountAccounts ReceivableCashHarriet Kasun, CapitalInterest ExpenseInterest ReceivableLandOffice EquipmentPrepaid RentSuppliesUnearned FeesWages ExpenseAnswerNormally requires adjustment (AR).OBJ.2At the end of the current year, $59,500 of fees have been earned but have not beenEX 3-3 Adjusting entry for accrued feesbilled to clients.a. Journalize the adjusting entry to record the accrued fees.b.000.000 justing entry have been necessary? Explain.0002TXIf the cash basis rather than the accrual basis had been used, would an adOBJ. 2,5EX 3-4 Effect of omitting adjusting entryThe adjusting entry for accrued fees was omitted at the end of the current year. Indicawhich items will be in error, because of the omission, on (a) the income statement frthe current year and (b) the balance sheet at the end of the year. Also indicate whetherthe items in error will be overstated or understated.EX 3-5 Adjusting entries for accrued salaries081.2Garcia Realty Co. pays weekly salaries of $17,250 on Friday for a five-day workweekending on that day. Journalize the necessary adjusting entry at the end of the accountingperiod, assuming that the period ends (a) on Wednesday and (b) on Thursday.EX 3-6 Determining wages paidOBJ1The wages payable and wages expense accounts at May 31, after adjusting entries have beenposted at the end of the first month of operations, are shown in the following T accountsWages PayableBal.7,175 Bal.Determine the amount of wages paid during the month.Wages Expense73,250EX 3-7 Effect of omitting adjusting entryOBA15Accrued salaries owed to employees for October 30 and 31 are not considered in proping the financial statements for the year ended October 31. Indicate which items willerroneously stated, because of the error, on (a) the income statement for the year astated or understated.the balance sheet as of October 31. Also indicate whether the items in error will be oand

Wages Paid :— It is the amount of wages payable that are paid during the period. Wages Paid = Beginning Balance Wages Payable + Wages expense — Ending Balance of Wages Payable Sum of beginning balance of wages payable and wages expense represents total amount of wages payable. Ending balance of wages payable represents wages expense that are unpaid at the end of the period. Therefore wages paid during the period is the difference total wages payable and wages unpaid at the end of the period. Working Note #1:— Wages Expense = $73,250 Wages Payable at May 30 = $7,175 Wages Paid paid during the month = Wages Expense — Wages Payable at May 30 = $73,250 — $7,175 = $66,075 Requirement #:— Hence, Wages Paid during the month is $66,075.

Business

Accounting

EX 3-6 Determining wages paid 0811 The wages payable and wages expense accounts at May 31, after adjusting entries have ben posted at the end of the first month of operations, are shown in the following T accounts Wages Payable Bal. 7,175 Bal. Determine the amount of wages paid during the month. Wages Expense 73,250

EX 3-6 Determining wages paid 0811 The wages payable and wages expense accounts at May 31, after adjusting entries have ben posted at the end of the first month of operations, are shown in the following T accounts Wages Payable Bal. 7,175 Bal. Determine the amount of wages paid during the month. Wages Expense 73,250

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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