If James hired Ram as the company's new operations manager on a salaryof G$250,000 per month, How should this be treated in the Books ofAccounts?A. Debit Salary Expense and Credit CashB. Debit Cash and Credit Salary ExpenseO C. Debit Ram and Credit CashOD. None of the above

Journal entries are the records of the transactions entered into by the organization during the…

Answered: If James hired Ram as the company's new…

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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am. 125.
If you are the accountant of ABC company. At the end of 2020 the cash balance per book was $10,000 and per bank was $15,000 As an accountant of the company, list the main reasons behind the balances not being equal, explain the accounting treatment that you must use to adjust the differences.
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1 Larissa runs a consultancy agency. The following trial balance was extracted from the books of Larissa business on 31 March 2022. Delivery van Office equipment Cash at bank Cash in hand Trade receivables Bank loan Trade payables Fee income Commission income Rental income Printing and stationery Insurance Wages and salaries Repairs expense Utilities Discount Drawings Capital, 1 April 2021 $ 127 200 5 950 5 800 2 500 500 19 1 200 25 000 53 900 3 900 3 780 1 800 200 250 730 100 000 8400 96 800 3 200 2 400 39 930 250 730 Additional information at 31 March 2022 1 Wages and salaries paid was for 14 months up to 31 May 2022. 2 Repairs expense of $200 was still owing. 3 Rental income of $600 was received on 1 January 2022. The sum was for the period 1 January to 31 March 2022. 4 Monthly commission income was $350. 5 An invoice of $500 for consultancy service was issued. This was not recorded in the books. 6 Larissa withdrew $6 000 from the business bank account for personal use. This was not…
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How do you calculate the missing cash and salaries and wages expenses amounts? Please provide details.
explain properly
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mework i ! Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Saved Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% × pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year (Note: The beginning balances in Common stock and…
The following is a series of accounts and their respective account numbers for A Corp. Following the accounts is a series of transactions. Account no. 1 2 3 4 5 6 7 S 9 10 TRANSACTION Account Title Cash Accounts Receivable Supplies Prepaid Expenses Equipment Land Accounts Payable Notes Payable Interest Payable Salaries Payable Account no. 3233999 12 13 14 15 16 17 18 Account Title Capital Service Revenues Salaries Expense Insurance Expense Interest Expense Income Tax Supplies Expense Rent Expense Required: For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, write "none" next to the transaction The first transaction is given as an example! a. example owner invested cash as capital in the business b. purchased on credit but did not use supplies this period c. paid for a fire insurance policy this period to cover the next 12 months d. purchased an…
es Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% × pretax income; all paid during the current year Common stock (December 31) 2. Prepare a statement of stockholders' equity for the year. Dividends declared and paid during the current year (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first…
Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $16,580 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $9,000 I. Lawson, Withdrawals 5,300 Services revenue 7,300 Rent expense 3,720 Wages expense 16,580 $ Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $17,880. LAWSON CONSULTING Balance Sheet 0 Total equity $ 2,300 14,400 2,800 8,000 $ 0 0

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If James hired Ram as the company's new operations manager on a salary of G$250,000 per month, How should this be treated in the Books of Accounts? A. Debit Salary Expense and Credit Cash B. Debit Cash and Credit Salary Expense C. Debit Ram and Credit Cash D. None of the above