Journal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST. AssetsCurrent AssetsAccounts Receivable38,720.00Cash at Bank643,768.90Inventory197,100.00Less Allowance for Doubtful Debts(3,872.00)Office Supplies8,500.00Total Current Assets884,216.90Total Assets884,216.90LiabilitiesCurrent LiabilitiesAccounts Payable84,700.00GST(15,571.92)Interest Payable161.77Total Current Liabilities69,289.85Non-current LiabilitiesBank Loan - CBA196,822.00Total Non-current Liabilities196,822.00Total Liabilities266,111.85

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Answered: Journal adjusting entry for Office…

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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Paid telephone bill for May, $260.
ces Georgetown purchased supplies on August 8, 20X2, for $4,400. At the fiscal year-end on September 30, the inventory of suppiles was $3,150. Required: a. Assume that Georgetown uses the consumption method of accounting for inventories. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) (1) Prepare the entry for the purchase on August 8, 20X2 (2) Prepare the entries required on September 30, 20X2, including the closing of the Expenditures account. (3) Assuming the supplies were used during 20X3, prepare the entries on September 30, 20X3. View transaction list Journal entry worksheet
Completing a payroll register 1 € (30 min) Check Figure Net Pay $2,529.97 P10-2A. Nickels Company of Windsor has five salaried employees. Your task is to record the following information for the last week of March in a payroll register. Use the tables in the chapter appendices to determine deductions. Claim Code 3 1 1 Department Sales Sales Weekly Salary $950 620 980 650 Employee Jenny Quan Frank Sloan Alberta Nobel Office Jeremy Gold Office 4 Assume that each employee contributes $12 per week for union dues.
JOURNAL Page 43 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Nov. 6 Payroll Cash 12 12,296.97 Cash 11 12,296.97 6 Administrative Salaries 51 2,307.69 Office Salaries 52 4,677.85 Sales Salaries 53 3,600.00 Plant Wages 54 4,898.00 FICA Taxes Payable - OASDI 20.1 959.99 FICA Taxes Payable - HI 20.2 224.53 Employees FIT Payable 24 902.00 Employees SIT Payable 25 475.37 Employees SUTA Payable 25.1 9.27 Employees CIT Payable 26 599.41 Union Dues Payable 28 16.00 Payroll Cash 12 12,296.97 6 Payroll Taxes 56 1,362.30 FICA Taxes Payable - OASDI 20.1 959.98 FICA Taxes Payable - HI 20.2 224.51 SUTA Taxes Payable - Employer 22 177.81 13 Payroll Cash 12 1,570.27 Cash 11 1,570.27 1. What is the total gross…
Perpetual: LIFO and Moving-Average Vozniak Company began business on January 1, 20-1. Purchases and sales during the month of January follow. Date Purchases Sales Units Cost/Unit Units Jan. 1 100 $2.00 Jan. 5 500 2.30 Jan. 7 300 Jan. 12 300 2.40 Jan. 15 300 Jan. 17 200 2.50 Jan. 19 500 2.70 Jan. 24 800 Jan. 28 100 Jan. 31 200 2.90 Required: Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places. If required, round your final answers to the nearest cent. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method $ $780 2. Perpetual moving-average inventory method $ $ Ive already used this question once before but the only correct answer was for the perpetual LIFO inventory method for the Inventory on Hand, which was the $780. I…
P3-8 Payroll work sheet and journal entries The payroll records of Graham Computer Co. for the week ending October 7, the 40th week in the year, show the following: In the picture Required: Complete a work sheet with the following column headings: Employee 3 columns for Earnings for Week: Use one for Regular Pay. Use one for Overtime Premium Pay. (The company pays time-and-a-half for overtime for all employees below the supervisory level.) Use one for Total for Week. Total Earnings through 40th Week FICA Taxable Earnings FICA Income Tax Withheld Net Earnings Prepare journal entries for the following: Payroll for the 40th week. Payment of payroll for the week.
MYD company’s record of transactions concerning part VF5 for the month of September was as follow (dalam Rp. 000.000) : Purchases Sales Sept 1 Balance on hand 600@Rp. 6 Sept 3 500@Rp. 10 Sept 4 1.500@Rp. 6.08 Sept 9 1.300@Rp. 10 Sept 8 800@Rp. 6.4 Sept 11 600@Rp. 11 Sept 13 1.200@Rp. 6.5 Sept 23 1.200@Rp. 11 Sept 21 700@Rp. 6.6 Sept 27 900@Rp. 12 Sept 29 500@Rp. 6.79 Instruction: Assuming that periodic inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost Assuming that perpetual inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost In an inflationary record, which inventory method will show the highest net income?
TEMPORARY EMPLOYEE TIMECARD NAME: Amanda Tackett DEPARTMENT: Accounting Date In Out In Out Hours 9/13 7:00 11:00 11:30 3:45 9/14 7:15 11:35 12:30 3:35 9/15 7:10 12:00 12:40: 4:10 9/16 7:20 11:50 12.50 4:50 9/17 7.05 11.09 11:50 3:30 Total Hours . Amanda Tackett earns $8.50 per hour What is her-total pay for the week?
The following data are for Jessee's Candy Store for January: question 19 ss attached thanks
Haha
Classic Furniture purchases dining room sets with an invoice date of September 27, and terms of sale of 3/10, n/60. What is the net date? October 17 October 22 November 26 November 2
Sned rer Com uapraces coting system Beginning inventory for January consisted of 1,600 units that were 62% completed. 10,800 units were m the process during January During January, 10,500 units were completed. How many units were in ending inventory on January 31?

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