not use ai please Jefferson, CPAs provides accounting services for a client at a flat contract rate of $10,000 a month. The terms of the contract include a required payment on the 15th day of each month for theprior month's accounting services. Assuming Jefferson, CPAs post journal entries each month end, what is (are) the journal entry (entries) posted on December 31?OA. Cash10,000Accounts Receivable10,000O B. Cash10,000Service Revenue10,000C.Acounts Receivable5,000Cash10,000Service Revenue15,000O D.Cash10,000Accounts Receivable10,000Acounts Receivable10,000Service Revenue10,000

Step 1:In given question it is given that Jefferson make journal entries at the end of each…

Answered: Jefferson, CPAs provides accounting…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

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Review the following transactions and prepare any necessary journal entries for Woodworking Magazine. Woodworking Magazine provides one issue per month to subscribers for a service fee of $240 per year. Assume January 1 is the first day of operations for this company, and no new customers join during the year. A. On January 1, Woodworking Magazine receives advance cash payment from forty customers for magazine subscription services. Handyman had yet to provide subscription services as of January 1. B. On April 30, Woodworking recognizes subscription revenues earned. C. On October 31, Woodworking recognizes subscription revenues earned. D. On December 31, Woodworking recognizes subscription revenues earned.
Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…
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Willamette Manufacturing estimated that its total payroll for the coming year would be $670,000. The workers' compensation insurance premium rate is 0.3%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Jan. 2 1 2 2 3 Paid estimated workers' compensation insurance premium 3 2. Assume that Willamette Manufacturing's actual payroll for the year was $694,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Dec. 31 1 2 2 3 Adjustment for insurance premium…
A. Business receives $3,200 on Jan 1 for 10-month service contract for the period Jan 1 through Oct 31 B. total salaries for all employees is $3,600 per month. employees are paid on the 1st and 15th of the month C. Work performed but not yet billed to customers for the month is $1,600 D. the company pays interest on its $16,000, 4% note payable of $53 on the first day of each month Assue the company records adjusting enteries monthly. journalize the adjusting entries needed as of Jan 31
Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $447,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $452,500.00. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Dec. 31 1 2 2 3 3
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Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $462,500. The workers' compensation insurance premium rate is 0.2%.
Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1. Calculate the estimated cost of workers' compensation insurance for the year.$_________
Consider the following situations: a. b. C. d. Business receives $3,800 on January 1 for 10-month service contract for the period January 1 through October 31. (Assume services are performed evenly each month throughout the term of the contract.) Total salaries for all employees is $3,200 per month. Employees are paid on the 1st and 15th of the month. Work performed but not yet billed to customers for the month is $1,000. The company pays interest on its $15,000, 8% note payable of $100 on the first day of each month. Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Take me to the text Sampson Hotel has three employees who are paid on an hourly basis, plus time and one half for hours in excess of 44 hours per week. Payroll information for the week ending August 14, 2020 is listed below. Employee Hours Worked Hourly Rate Income Tax CPP ΕΙ B. Penguin $52.65 $24.11 $8.32 J. Michelle $64.44 $30.30 $10.18 T. Cruise $66.80 $31.54 $10.55 Do not enter dollar signs or commas in the input boxes. Round your answers to 2 decimal places. J. Michelle $ a) Calculate gross pay for each employee and the amount the employer will have to pay for CPP and El. Employee Gross Employer CPP Employer El B. Penguin $ T. Cruise Total $ Aug 14 39 36 40 $ Record payroll $13.50 $17.90 $16.70 $ $ Aug 31 $ $ b) Prepare the journal entries for the August 14 payroll and the employer's portion of payroll. Employees will not be paid until next week. For transactions with more than one debit or more than one credit, enter the debit accounts in alphabetical order followed by credit…
For large repair jobs, Joe the Plumber requires his customers to put down a 20% deposit one week in advance of the work’s completion. On January 15th, Joe receives $100 from a customer as a deposit for work to be later completed. What is the associated journal entry for this transaction?

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