answer quickly In March, Abby's Employment Agency had the following transactions:20221 Abby Todd invested $5,000 cash in the new employment agency.4 Bought equipment for cash, $200.5 Earned employment fee commission, $200, but payment from Blue Co.will not be received until June.Mar.7 Paid wages expense, $300.8 Abby paid her home utility bill from the company chequebook, $75.11 Performed services at Rick Wool, receiving $1,200 cash.Mar.15 Paid cash for supplies, $200.28 Telephone bill received but not paid, $180.29 Advertising bill received but not paid, $400.The chart of accounts includes Cash, 111; Accounts Receivable, 112; Supplies, 131;Equipment, 141; Accounts Payvable, 211; A. Todd, Capital, 311; A. Todd, Withdrawals,321; Employment Fees Earned, 411; Wage Expense. 511; Telephone Expense, 521; andAdvertising Expense, 531.Your task is toa. Prepare Journal Entries for each transaction

Here in this question, we are required to prepare journal entries. Journal entry is made for record…

Answered: In March, Abby's Employment Agency had…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...

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Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25. Required 1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $159. Compute her net pay for the eight days’ work paid on February 26. Round amounts to the nearest cent. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). Round amounts to the nearest cent. 4. Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate…
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Additionally, what is the net paycheck for Ashely, and what are the gross wages for Luke? Thank you so much!
Harris Welding Company had the following transactions for June. June 1 Tyler Harris invested $9550 cash in a small welding business June 2 Bought used welding equipment on account for $3050 June 5 Hired an employee to start work on July 15. Agreed on a salary of $3390 per month June 17 Billed P. White $2230 for welding work done. June 27 Received $1220 cash from P.White for work billed on June 17. For each transaction, indicate the basic type of account debited/credited, specific account debited/credited on the account and the amount
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
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Harris Welding Company had the following transactions for June. June 1 Tyler Harris invested $9550 cash in a small welding business June 2 Bought used welding equipment on account for $3050 June 5 Hired an employee to start work on July 15. Agreed on a salary of $3390 per month June 17 Billed P. White $2230 for welding work done. June 27 Received $1220 cash from P.White for work billed on June 17. Journalize the transactions
Calculate Little Pear Administration Pty Ltd’s superannuation expense for the month of September using the following information: (Show your workings for superannuation). For month of September Employee Salary Annual Leave Sick Leave Overtime Allowance Superannuation (Show your workings) David Reed $6,100 $469 $300 $600 $180 dry cleaning Carol Wright $3,732 - $144 $250 $50 first aid Debra Foy $2,180 - - $445 - Michael Green $4,920 $378 - - $250 car allowance John Mills $11,600 $892 $446 $125 $350 travel allowance Peter Black $400 - $15 - - Total
Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Name and Position Zena Vertin, Office Nicole Norge, Sales Bob Mert, Delivery Audrey Martin, Partner Beth James, Partner Employer's QASDI Tax Employer's Hi Tax S Salary $ 700 per week 2,980 per month 650 per week 950 per week 950 per week Totals 5 OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax

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