Laundry supplies purchased during the year amounted to 19,000, of which three-forth has been used during the year. Give the adjusting entry on December 31.
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Laundry supplies purchased during the year amounted to 19,000, of which three-forth has been used during the year. Give the
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- es W The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $320,000; Office salaries, $64,000; Federal income taxes withheld, $96,000; State income taxes withheld, $21,500; Social security taxes withheld, $23,808; Medicare taxes withheld, $5,568; Medical insurance premiums, $7,500; Life insurance premiums, $4,500; Union dues deducted, $1,500; and Salaries subject to unemployment taxes, $51,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all…On April 1, Jackson Company purchased $2,440 of supplies on account. On April 1, Jackson Company debited Supplies Expense, which is an alternate way of recording the initial expenditure. By the end of the calendar year, $390 of supplies was used. Required: Journalize the adjusting entry on December 31.rr
- The beginning balance of supplies is $4000. On December 31st, the physical count of remaining supplies, $500. Record the adjusting journal entries for the supplies used during the year. supplies Expense - supplies-The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $360,000; Office salaries, $72,000; Federal income taxes withheld, $108,000; State income taxes withheld, $24,000; Social security taxes withheld, $26,784; Medicare taxes withheld, $6,264; Medical insurance premiums, $8,500; Life insurance premiums, $5,500; Union dues deducted, $2,500; and Salaries subject to unemployment taxes, $53,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all…The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities…
- A payroll of $100,000 was earned for work perform by construction workers tru December 31,2010. The payroll was due to be paid on January 6,2011. Make the requred Accrual entry.Executive Lawn provides $100 of landscape maintenance to Peterson Law on April 10. Consider three scenarios: a. Peterson pays for the lawn service in advance on March 28. b. Peterson pays for the lawn service on April 10, the day of service. c. Peterson pays for the lawn service the following month on May 2. If Executive Lawn uses accrual-basis accounting, on which date would Executive Lawn record the $100 revenue for each scenario?$9345 is incorrect.
- On March 1, Gonzales Company purchased $2,280 of supplies on account. On March 1, Gonzales Company debited Supplies Expense, which is an alternate way of recording the initial expenditure. By the end of the calendar year, $350 of supplies was used. Required:Journalize the adjusting entry on December 31.On December 1, $18,000 was received for a service contract to be performed from December 1 through April 30. Assuming the work is performed evenly throughout the contract period, calculate the amount of the adjusting entry for December 31.The company accrued income taxes at the end of January of $9,000. Record the adjusting entry for income taxes.
