Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Mondaythrough Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday, Thursday, andFriday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday.Prepare the December 31 year-end adjusting entry for wages expense and record payment of the employees' wages on Friday,January 4.View transaction listJournal entry worksheet< 12Record the December 31 year-end adjusting entry for wages expense.Note: Enter debits before credits.DateDecember 31General JournalDebitCredit> Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Mondaythrough Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday, Thursday, andFriday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday.Prepare the December 31 year-end adjusting entry for wages expense and record payment of the employees' wages on Friday,January 4.View transaction listJournal entry worksheet<12Record payment of the employees' wages on Friday, January 4.Note: Enter debits before credits.DateJanuary 04Record entryGeneral JournalClear entryDebitCreditView general journal

Adjusting Entries are the entries required to adjust the ledgers. There are some prepaid or accrued…

Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday, Thursday, and Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the December 31 year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. View transaction list Journal entry worksheet

Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday, Thursday, and Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the December 31 year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. View transaction list Journal entry worksheet

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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Pablo Management has six employees, each of whom earns $150 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the six employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. View transaction list Journal entry worksheet Record payment of the employees' wages on Friday, January 4. Note: Enter debits before credits. Debit Credit Date General Journal January 04 Wages payable Wages expense Vlew general Journal Clear entry Record entry 1 of 5 Next > Prev
Percy Inc. has a calendar year-end. The following information is available regarding employee wages: • Its employees earn wages of $2,000 each day for their five-day workweek. Percy pays its employees $10,000 every Friday. • As of the end of Monday, Dec 31, its employees had worked a total of one (1) day for which they have not yet been paid. On January 4, the employees were paid a total of $10,000. Required: In the general journal below, prepare the adjusting entry needed on Dec 31, 20X1, and the regular journal entry to record wages paid on Jan 4, 20X2 Reminder: Do not use symbols, decimals, commas, or cents in your numerical responses. Date 12/31/X1 1/4/X2 Account Name: Wages Expense Wages Payable Wages Payable Wages Expense 4 Debit Credit ?
Pablo Management has two employees, each of whom earns $230 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the two employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4.
The company has 15 employees, who earn a total of $2,250 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31 is a Tuesday, and all 15 employees worked the first two days of that week. Because New Year’s Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6 of next year. for the first entry of January i have come up with $6750 in salary expense based on three days in January however, can't crack the code on salary payable...
Robin Market works for Cycle Industries. Her pay rate is $14.50 per hour and she receives overtime pay at one and one-half times her regular hourly rate for any hours worked beyond 40 in a week. During the pay period that ended December 31, 20X1, Robin worked 42 hours. She is married and claims three withholding allowances on her W-4 form. Robin's cumulative earnings prior to this pay period total $32,000. This week's wages are subject to the following deductions: 1. Social Security tax at 6.2 percent 2. Medicare tax at 1.45 percent 3. Federal income tax (use the withholding table shown in Figure 10.2b) 4. Health and disability insurance premiums, $180 5. Charitable contribution, $25 Required: 1. Compute Robin's regular, overtime, gross, and net pay. 2. Assuming the weekly payroll has been recorded, journalize the payment of her wages for the week ended December 31. Analyze: Based on Robin's cumulative earnings through December 31, how much overtime pay did she earn this year? Complete…
Beach Vacations pays salaries and wages on the last day of each month. Payments made on December 31, 20X1, for amounts incurred during December are shown below. Cumulative amounts paid prior to the December 31 payroll for the persons named are also shown. a. Francis Fisher, president, gross monthly salary, $11,880, gross earnings paid prior to December 31, $130,680. b. Sandy Swartz, vice president, gross monthly salary, $10,900; gross earnings paid prior to December 31, $109,000. c. Juan Rios, independent accountant who audits the company's accounts and performs certain consulting services, $10,900, gross amount paid prior to December 31, $27,250. d. Harry House, treasurer, gross monthly salary, $5,800; gross earnings paid prior to December 31, $63,800. e. Payment to Daily Security Services for Eddie Martin, a security guard who is on duty on Saturdays and Sundays, $1,180; amount paid to Daily Security Services prior to December 31, $11,800. Required: 1. Assume a 1.45 percent Medicare…
During the month of January, an employee earned $5,000 of salary. Withholdings from the employee’s salary consist of FICA Social Security taxes of $310.00, FICA Medicare taxes of $72.50, federal income taxes of $532.50, and medical insurance deductions of $212.50. Prepare the journal entry to record the employer’s salaries expense and related liabilities assuming these wages will be paid in early February. (Round your final answers to 2 decimal places.) Record payroll for period.
Latan is an employee of Giant Computers where the job responsibilities include selling computers and software to customers. Latan is married filing jointly with two dependents under 17. The annual salary is $49,200 and receives a 3 percent commission on all sales. During the semimonthly pay period ending September 30, Latan sold $21,200 of computers and software. Required: Complete the payroll register for the September 30 pay period with a pay date of October 5. P/R End Date: Check Date: Latan Totals Name 9/30/2022 10/5/2022 Filing Status Dependents Hourly Rate or Period Wage Company Name: Number of Regular Hours Number of Overtime Hours Giant Computers Commissions $ 0 Regular Earnings $ 0 Overtime Earnings Gross Earnings $
On January 15, the end of the first pay period of the year, North Company's employees earned $40,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $3,100 of federal income taxes, $593 of medical insurance deductions, and $230 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. View transaction list Journal entry worksheet 1 Record the employee payroll for period. Note: Enter debits before credits. Date January 15 General Journal Debit Credit Record entry Clear entry View general journal
In September, Manson Paint Corporation began operations in a state that requires new employers of one or more individuals to pay a state unemployment tax of 3.5% of the first $7,000 of wages paid to each employee. An analysis of the company's payroll for the year shows total wages paid of $180,260. The salaries of the president and the vice president of the company were $18, 400 and $15,000, respectively, for tife four-month period, but there were no other employees who received wages in excess of $7,000 for the four months. Included in the total wages were $810 paid to a director who only attended director meetings during the year, S6, 450 paid to the factory superintendent, and $2,050 in employee contributions to a cafeteria plan made on a pretax basis for both federal and state. In addition to the total wages of $180,260, a payment of $2,580 was made to Andersen Accounting Company for an audit it performed on the company's books in December. Compute the following, round your answers…
Green’s employees Are paid in cash each Friday for the weeks work and the payment for the payroll in recorded in the accounting system. The last PD on March was on Friday, March 26. The employees words on Monday, March 29, Tuesday March 30 and Wednesday, March 31. The employees are a total of $1200 for these last three days of March. In the general journal below record the required March 31 adjusting journal entry.
Swifty Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2022, are presented below. Employee Hours Worked Hourly Rate Federal Income Tax Withholdings United Fund Ben Abel 40 $14.00 $59.00 $5.00 Rita Hager 41 16.00 64.00 5.00 Jack Never 44 13.00 60.00 8.00 Sue Perez 46 13.00 62.00 5.00 Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.6%. 1. Prepare a payroll register for the weekly payroll. No employee has reached the Social Security limit of $132,900 or the FUTA/SUTA limit of $7,000 2. Journalize the payroll on March 15, 2022, and the accrual of employer payroll taxes. 3. Journalize the payment of the payroll on March 16,…