JOURNAL POST. REF. DATE DESCRIPTION DEBIT CREDIT -|N| n |

Q: Paradise Hills Berry Farm has 29 employees who are paid biweekly. The payroll register showed the…

A: The journal entry is used to record business transactions. The journal entry is the first instance…

Q: On October 1, 2021, Pastina signed a $50,400 note that requires interest to paid annually on…

A: Journal Entry is record of a transaction in accounting records. Signing of Note is a liability for…

Q: Paradise Hills Berry Farm has 21 employees who are paid biweekly. The payroll register showed the…

A: The objective of the question is to prepare a journal entry to record the payroll expenses for…

Q: During the fourth quarter of 2019, there were seven biweekly paydays on Friday (October 4, 18;…

A: There are mainly four type of returns or reports submitted by employer to State Income Tax.…

Q: The payroll register of Seaside Architecture Company indicates $980 of Social Security and $255 of…

A: Withheld Tax : Withheld tax applicable to employment income.  A withheld tax is a type of income tax…

Q: Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions…

A: Income tax payable=Gross pay×rate=$2,000×15%=$300

Q: Gilpin, Inc.'s payroll for November 2020 is summarized as follows:        Amount of Wages Subject…

A: Payroll Taxes of Employer The employer is liable to pay for FICA taxes ( social security &…

Q: sparkling water inc. had a total sales of 3,000,000 for 2019. this amount includes 150,000 relating…

A: Net sales =  total sales - sales of extended service-type warranty = 3000000 - 150000 = 2,850,000

Q: On January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance…

A: Insurance premium for a month = Total premium collected / Period of insurance = $24,000 / 24 months…

Q: The November 30, 2023, monthly payroll run for Nod Company needs processing. The company wants your…

A: Answer image:This is November 30, 2023. (Journal entries)

Q: Wildhorse Co. issued a five-year interest-bearing note payable for $324000 on January 1, 2019. Each…

A: Balance sheet is the financial statement which involves the total debt, liabilities, assets and…

Q: An employer classified as an accelerated threshold 2 remitter has a weekly payroll paid on July 6th.…

A: Let's break down the steps to determine the due date for source deductions:Identify the Payroll…

Q: Refer to the following list of liability balances at December 31, 2019. Accounts Payable $20,000 850…

A: The current liabilities part of a balance statement indicates the debts owed by a corporation that…

Q: Lee Financial Services pays employees monthly. Payroll information is listed below for January 2024,…

A: Salaries payable is determined as $354,515. Payroll tax expense is determined as $66,885.…

Q: On October 1, 2021, Oberley Corporation loans one of its employees $24,000 and accepts a 12-month,…

A: Using accrual basis accounting, the revenue is earned and recorded in the period it is actually…

Q: During the month of January, an employer incurred the following payroll taxes: FICA Social Security…

A: Working notes: Payroll tax expense = FICA social security tax + FICA Medicare tax + FUTA taxes +…

Q: On January 1, 2021, Horton pays Damian a refundable deposit of $100,000 and agrees to four…

A: The accrual principle is one that suggests recording each expense and revenue in the period in which…

Q: December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account.  This…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: The information listed below refers to the employees of Lemonica Company for the year ended December…

A: Given: Employer's phone number: (613)555-0029. Employer's State D reporting number 00596. Using The…

Q: The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project…

A: Step 1:Note:FICA social security earning base is $ 142,800.Except for Employee #4, each employee's…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Calculation and Journal Entry for Employer Payroll Taxes Portions of the payroll register for La…

A: Taxation: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: XYZ Co.'s accumulated deposit liability for the lookback period of July 1, 2020, to June 30, 2021,…

A: The payroll tax deposit schedule refers to the timetable or frequency with which an employer is…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Payroll taxes are the percentage of employee's salary that an employer held to pay it to the…

Q: During 2020, sheffield Co.'s first year of operations, the company reports pretax financial income…

A: Deferred tax assets: A Deferred Tax Asset is an asset on a Company's balance sheet that may be used…

Q: Paradise Hills Berry Farm has 27 employees who are paid biweekly. The payroll register showed the…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: On November 1, 2019, Edwin Inc. borrowed cash and signed a $60,000, 1-year note payable.…

A: Every business transaction should indeed be documented in at least two locations, according to the…

Q: Coronado Limited has the following information available for accruals for the year ended December…

A:

Q: Paradise Hills Berry Farm has 23 employees who are paid biweekly. The payroll register showed the…

A: A journal entry is being used to record a business deal in a company's accounting records. A journal…

Q: he payroll register of Seaside architecture company indicates $915 of Social Security and $177 of…

A: A record is frequently recorded in the primary ledger; however, it may alternatively be entered in a…

Q: What is the total amount of current liabilities?

A: Current Liabilities are those liabilities or obligations which are to be paid within next one year.

Q: Empty fields company pays its salaried employees monthly on the last day of each month The annual…

A: Social security taxes are the tax which is deducted from the employee's salary at the time of…

Q: ABC Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the…

A: Journal entry for salary out standing Date  Entry  Debit  Credit 31-12-2020 Salaries A/c…

Q: nearest whole dollar, eg. 5,275. If no entry is required, select "No Entry" for the account titles…

A: To close the books for period end and reopen it for the next period, adjusting entries needs to be…