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- Prepaid Rent—Quarterly Adjustments On September 1, Northhampton Industries signed a six-month lease for office space, which is effective September 1. Northhampton agreed to prepay the rent and mailed a check for $12,000 to the landlord on September 1. Assume that Northhampton prepares adjusting entries only four times a year: on March 31, June 30, September 30, and December 31. Required Compute the rental cost for each full month. Prepare the journal entry to record the payment of rent on September 1. Prepare the adjusting entry on September 30. Assume that the accountant prepares the adjusting entry on September 30 but forgets to record an adjusting entry on December 31. Will net income for the year be understated or overstated? by what amount?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 3Workers' 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%.
- ayroll Register and Payroll Journal Entry 1. Prepare a payroll register for Mary’s Luxury Travel for the week ended March 22, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) Total the amount columns. Round your answers to the nearest cent. 2. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the journal entry for the payment of the payroll. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Mary Losch operates a travel agency called Mary’s Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20—, are given below. Employees…An invoice dated November 25 for $2600 had the terms 3/15, 1.5/30, n/45 E.O.M. What is the last day for taking the 1.5% discount? O A. December 30 O B. December 15 O c. December 10 O D. December 25On June 20, 2021, Amy Smith, owner of Amy's Floral Shop, Inc., signed a contract to rent a retail store. As part of the contract, Amy paid four months of rent in advance. The rental rate is $3,000 per month, thus she paid $12,000 cash in advance when she signed the contract on June 20. Amy will move into the retail store on July 1, 2021, which is the start of her rental period. The company has the accounting policy that all prepaid assets are initially recorded in asset accounts. The following is a partial list of the accounts in Amy's General Ledger. These are the only accounts you need for this problem. D Cash D Prepaid Rent (asset account) D Rent Expense roblem 11 to in the Requirement 1 Prepare the General Journal entry to record the $12,000 payment made when the rental contract was signed on June 20, 2021. Requirement 2 Fill-in the amounts on the Prepaid Rent timeline. The boxes above the timeline show the amount of Prepaid Rent still remaining at various dates during the four…
- 8) Rent Income account has a credit balance of 240,000 composed of the following: Rental for three months ending March 31, 2020, 45000 A credit of 195,000 representing advance rental payment for one year beginning April 1 The December 31 adjusting entry will require a debit to rent income and a credit to Unearned Rent of? A 45000 B 191250 C 48750 D 195000On 1 May 20X0, A pays a rent bill of $1,800 for the period to 30 April 20X1. What is the charge to the income statement and the entry in the statement of financial position for the year ended 30 November 20X0?A $ 1,050 charge to income statement and prepayment of $750 in the statement of financial positionB $ 1,050 charge to income statement and accrual of $750 in the statement of financial positionC $1,800 charge to income statement and no entry in the statement of financial positionD $750 charge to income statement and prepayment of $ 1,050 in the statement of financial position Answer the question and explain why did you choose this answeron 1 may 20x0, A pays a rent bill of 1800 for the period of 30 April. what is the charge to the income statement and the entry on the statement of financial position for the year ended November 20x0
- Chris Phillip financial year end is December 31 each year. The following information and transactions for 2023 are as follows: Feb 1. Paid fourteen (14) months’ rent on a lease rental contract at $35,000 per month. 1. Prepare the Journal entry and general ledger account for the above transaction. 2. Prepare the adjusting jounral entry and update general ledger account for the following transaction - Rent NOT expired on December 31, 2023, $70,000On December 31, 2019, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This representsthe employer’s liability for the fourth quarter taxes. Journalize the entry Reuter Company should make in January2020 to record the last transfer (payment) of FUTA taxes for 2019.Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?
