Recording in the Accounting System Fulton Design pays employees on Friday of each five-day work week. October 31 falls on a Thursday, and thus at the end of that day there are four days' wages that have been earned by employees but are unpaid. The amount of the accrued wages as of the last day of the month is $3,760. Journalize the adjusting entry for the $3,760 of accrued wages as of October 31, 20x4. Journalize the payment of $4,700 wages on November 1, 20x4. If an amount box does not require an entry, leave it blank. Financial Statement Impact Auto Rx provides auto repair services. Employees are paid weekly on Fridays for a five-day work week and are paid the same amount each day. Financial statements are prepared on July 31, 20x4. Two sliders are provided for dynamic analysis of the adjusting entry. The first slider evaluates the financial statement impact from changing the total weekly payroll. The second slider evaluates the impact from changing the July 31, 20x4 day of week. The slider impact is shown first on a timeline and then in the T-accounts of the accounting equation. Move the first slider to select the total weekly payroll to see how the total payroll affects the T-accounts and timeline numbers. Likewise, move the second slider left and right to see how the July 31, 20x4 day of week affects the T-accounts and timeline numbers. Click here and answer the following questions using the sliders the dynamic timeline, and the T-accounts. If an answer is zero, enter "0". Assume the weekly payroll is $15,000 and July 31, 20x4 occurs on a Thursday in answering questions 1-5: 1. How much of this week's wages expense will be recorded in July? $ 2. How much of this week's wages expense will be recorded in August? $ 3. What is the total cash paid for wages for this week? $ 4. What is the balance of Wages Payable on July 31, 20x4? $ 5. What is the balance of Wages Payable on August 1, 20x4? $ 6. Assume the weekly payroll is $10,000 and July 31, 20x4 occurs on a Tuesday. How much of this week's wages expense will be recorded in July? $ 7. What combination of total weekly payroll and day of week produce the smallest wages expense for this week in July? $ , 8. What combination of total weekly payroll and day of week produce the largest wages expense for this week in August? $ , 9. Assume the weekly payroll is $10,000. What is the total adjusted wages expense for the month if July 1 is a Monday and July 31 is a Wednesday? Assume there are no holidays during the month. $
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Recording in the Accounting System
Fulton Design pays employees on Friday of each five-day work week. October 31 falls on a Thursday, and thus at the end of that day there are four days' wages that have been earned by employees but are unpaid. The amount of the accrued wages as of the last day of the month is $3,760.
Journalize the
Journalize the payment of $4,700 wages on November 1, 20x4. If an amount box does not require an entry, leave it blank.
Financial Statement Impact
Auto Rx provides auto repair services. Employees are paid weekly on Fridays for a five-day work week and are paid the same amount each day. Financial statements are prepared on July 31, 20x4. Two sliders are provided for dynamic analysis of the adjusting entry. The first slider evaluates the financial statement impact from changing the total weekly payroll. The second slider evaluates the impact from changing the July 31, 20x4 day of week. The slider impact is shown first on a timeline and then in the T-accounts of the
Move the first slider to select the total weekly payroll to see how the total payroll affects the T-accounts and timeline numbers. Likewise, move the second slider left and right to see how the July 31, 20x4 day of week affects the T-accounts and timeline numbers.
Click here and answer the following questions using the sliders the dynamic timeline, and the T-accounts. If an answer is zero, enter "0".
Assume the weekly payroll is $15,000 and July 31, 20x4 occurs on a Thursday in answering questions 1-5:
| 1. | How much of this week's wages expense will be recorded in July? |
| $ |
| 2. | How much of this week's wages expense will be recorded in August? |
| $ |
| 3. | What is the total cash paid for wages for this week? |
| $ |
| 4. | What is the balance of Wages Payable on July 31, 20x4? |
| $ |
| 5. | What is the balance of Wages Payable on August 1, 20x4? |
| $ |
| 6. | Assume the weekly payroll is $10,000 and July 31, 20x4 occurs on a Tuesday. How much of this week's wages expense will be recorded in July? |
| $ |
| 7. | What combination of total weekly payroll and day of week produce the smallest wages expense for this week in July? |
| $ , |
| 8. | What combination of total weekly payroll and day of week produce the largest wages expense for this week in August? |
| $ , |
| 9. | Assume the weekly payroll is $10,000. What is the total adjusted wages expense for the month if July 1 is a Monday and July 31 is a Wednesday? Assume there are no holidays during the month. |
| $ |
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