Answered: If a utilities expense is incurred in…

If a utilities expense is incurred in February but is not paid until March, the following will be an effect on the financial statements in February

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 7PEA: Assume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting...

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The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Required:1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll.b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. On page 11 of the journal: December 30, to record the payroll.b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all…
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Refer to Exhibit 6-1. Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
Reviewing payroll records indicates that employee salaries that are due to be paid on January 3include $3,575 in wages for the last week of December. There was no previous balance in the Salaries Payableaccount at that time. Based on the information provided, make the December 31 adjusting journal entry tobring the balances to correct.
115.
Prepare general journal entries to record these transactions. You do have to enter descriptions for the entries for this problem.
Assume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer allowances b. Estimated customer returns
The totals from the payroll register of Olt Company for the week of January 25 show: Journalize the entry to record the payroll of January 25.
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firms fiscal year. The last quarter begins on April 1, 20--. Refer to the Illustrative Case on pages 6-27 to 6-33 and proceed as follows: a. Analyze and journalize the transactions described in the following narrative. Use the two-column journal paper provided on pages 6-49 to 6-53. Omit the writing of explanations in the journal entries. b. Post the journal entries to the general ledger accounts on pages 6-54 to 6-59. Narrative of Transactions: c. Answer the following questions: 1. The total amount of the liability for FICA taxes and federal income taxes withheld as of June 30 is................................................................................ __________ 2. The total amount of the liability for state income taxes withheld as of June 30 is....................................................................................................... __________ 3. The amount of FUTA taxes that must be paid to the federal government on or before August 1 (assume July 31 is a Sunday) is........................................ __________ 4. The amount of contributions that must be paid into the state unemployment compensation fund on or before August 1 is.................................................. __________ 5. The total amount due the treasurer of the union is........................................ __________ 6. The total amount of wages and salaries expense since the beginning of the fiscal year is.................................................................................................... __________ 7. The total amount of payroll taxes expense since the beginning of the fiscal year is............................................................................................................. __________ 8. Using the partial journal below, journalize the entry to record the vacation accrual at the end of the companys fiscal year. The amount of Brookins Companys vacation accrual for the fiscal year is 15,000.
prepare the journal entry to record the employers payroll expenses for the week ended july 15 of the current year
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The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Deductions: $402,000 Sales salaries Income tax withheld $135,975 Social security tax withheld 46,620 Warehouse salaries 210,000 Office salaries Medicare tax withheld 165,000 11,655 Retirement savings $777,000 17,094 Group insurance 13,986 $225,330 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6%