*I 2 I90% 1 6:42 PMSalaries are paid on Saturdays. Theweekly payroll is P25,200. Assumethat Sept. 30 falls on a Thursday andthe entity has a six-day pay week.Credit:The tral balance for Ariel Certfed Cieaners appears as folowsAriel Certified CleanersTrial BalanceSept. 30, 20156Debt CredtCashD117.600Accounts Receivable264940Prepaid insurance34.000Cleaning Supplies73,740Land100.000Building1,050.000Accumulated Depreciation - BuildingAccounts PayableDIS6.000204.000Uneamed Cleaning RevenuesMortgage PayatbleAriel. CapitalAriel, Wthdrawals16.0001,100,000565. 600100 000Cleaning Revenues1576 340Salaries Eupense1.013.300Cleaning Equipment Rental Epense60.000Delivery Truck ExpenseInterest ExperseOther Expense43.740110.00070.340Total:P3,917,940O Depreciation Expense-BuildingO Ariel, CapitalO Cleaning SuppliesO Salaries PayableO Accounts PayableO Delivery Truck ExpenseCleaning Supplies ExpenseO Ariel, WithdrawalsO Unearned Cleaning RevenuesO Mortgage PayableO Cleaning RevenuesO Salaries ExpenseO Interest PayableCleaning Equipment Rental ExpenseO Prepaid InsuranceO Accumulated Depreciation - BuildingO BuildingO LandO Accounts ReceivableO Interest ExpenseO CashO Insurance ExpenseO O O O O I B| 90% l 6:42 PMSalaries are paid on Saturdays. Theweekly payroll is P25,200. Assumethat Sept. 30 falls on a Thursday andthe entity has a six-day pay week.Debit:The ral baance for Arel Certfed Cieaners aapears as folowsAriel Certified CleanersTrial BalanceSept. 30, 2015Debit CredtCashAccounts Receivabie264 940Prepaid insurance34.000Cleaning Supples73.740Land180 0001,850.000BuldngAccumulated Depreciation BuldngAccounts PayabieUnearmed Cleaning RevenuesMortgage PayableAriel. CapitalArel WthdrawasAS6.000204.00016.0001. 100.000565 600100.000Cieaning Revenues1.576 340Salaies Epense1,013.300Cleaning Equipment Renta Expense60.000Delivery Truck ExpenseInterest ExpenseOther EpenseTotal43.740110.00070.340P3917.940P3.917.940O CashO Accumulated Depreciation - BuildingO Interest PayableO Salaries ExpenseO Depreciation Expense-BuildingO Prepaid InsuranceO Insurance ExpenseO Ariel, WithdrawalsO Accounts ReceivableO Cleaning Supplies ExpenseCleaning Equipment Rental ExpenseAccounts PayableO Cleaning RevenuesO LandO BuildingO Salaries PayableUnearned Cleaning RevenuesO Cleaning SuppliesO Delivery Truck ExpenseO Ariel, CapitalO Mortgage PayableO Interest ExpenseO O O O O O O

Calculation of Salaries Payable Weekly salaries = 25,200 Days in a week = 6 days Salaries are…

Salaries are paid on Saturdays. The weekly payroll is P25,200. Assume that Sept. 30 falls on a Thursday and the entity has a six-day pay week. Debit: The a belance for Ane Cetfed Cieaners apears as folous Ariel Certifed Cleaners Trial Balance Sept. 30, 2015 Debt Cred Cash Accounts Recevabie 264 940 34 000 Prepaid insurance 73740 180 000 1850 000 Cieaning Supples Land Buiding Accumulated DepreciatonBudng Accounts Pay Uneamed Ceaning Revenues Mortgage Payable S000 e 204.000 16.000 1,100.000 Anel Capita S5 600 Anel wedran 100 000 Cleaning Revenues 1SN 340 Salaies Epense Cleaning touipment Renta Expense Devery Truck Epense 1013 300 60.000 43.740 nteret Epens 110.000 Other Epense 70 340 Total O Cash O Accumulated Depreciation - Building O Interest Payable O Salaries Expense O Depreciation Expense-Building O Prepaid Insurance O Insurance Expense O Ariel, Withdrawals O Accounts Receivable O Cleaning Supplies Expense O Cleaning Equipment Rental Expense O Accounts Payable O Cleaning Revenues O Land O Building O Salaries Payable O Unearned Cleaning Revenues O Cleaning Supplies Delivery Truck Expense O Ariel, Capital O Mortgage Payable O Interest Expense OO O 0 O

Salaries are paid on Saturdays. The weekly payroll is P25,200. Assume that Sept. 30 falls on a Thursday and the entity has a six-day pay week. Debit: The a belance for Ane Cetfed Cieaners apears as folous Ariel Certifed Cleaners Trial Balance Sept. 30, 2015 Debt Cred Cash Accounts Recevabie 264 940 34 000 Prepaid insurance 73740 180 000 1850 000 Cieaning Supples Land Buiding Accumulated DepreciatonBudng Accounts Pay Uneamed Ceaning Revenues Mortgage Payable S000 e 204.000 16.000 1,100.000 Anel Capita S5 600 Anel wedran 100 000 Cleaning Revenues 1SN 340 Salaies Epense Cleaning touipment Renta Expense Devery Truck Epense 1013 300 60.000 43.740 nteret Epens 110.000 Other Epense 70 340 Total O Cash O Accumulated Depreciation - Building O Interest Payable O Salaries Expense O Depreciation Expense-Building O Prepaid Insurance O Insurance Expense O Ariel, Withdrawals O Accounts Receivable O Cleaning Supplies Expense O Cleaning Equipment Rental Expense O Accounts Payable O Cleaning Revenues O Land O Building O Salaries Payable O Unearned Cleaning Revenues O Cleaning Supplies Delivery Truck Expense O Ariel, Capital O Mortgage Payable O Interest Expense OO O 0 O

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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On January 5, The business purchases inventory of 22.000 TL including 10% VAT. The business endorses a check for 12.000 TL and signs a 9-month note with an annual interest rate of 4% for 10.000 TL. Which of the following journal entries would be made on January 5? a.20.000 TL debit to 153-Inventory; 2.000 TL debit to 191-D. VAT and 12.000 TL credit to 101-R. Checks; 10.000 TL credit to 321-N/P b.19.800 TL debit to 153-Inventory; 2.200 TL debit to 191-D. VAT and 12.000 TL credit to 103-OC&PO; 10.000 TL credit to 321-N/P c.19.800 TL debit to 153-Inventory; 2.200 TL debit to 191-D. VAT and 12.000 TL credit to 101-R. Checks; 10.000 TL credit to 321-N/P d.22.000 TL debit to 153-Inventory and 12.000 TL credit to 101-R. Checks; 10.000 TL credit to 321-N/P
The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $10,700, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd’s payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $6,600, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $3,300, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug. 7 Accepted a(n) $7,900, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a(n) $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account…
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1. Calculate Income Tax @ 15% and CPP & El per pay period. Employees are paid biweekly. Their per pay period salary is given. Employee Gross Pay 1,200.00 530.00 675.00 2.405 El Premlum Income Тахes СРР Total Deductions Net Pay Johnson. S Waverley N. Zender B Total 2.The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's payroll records: Eamings to End Income Taxes of Previous week $ 12.510 10.320 15.500 29 500 Employees Names Weekly Gross Pay Health Insurance Deductions S 24.00 Hellen Craig Joseph Lim Dino Patel S 720 610 830 Sharleen McFee 1700 $3 860 $106.20 79 70 132.25 432.55 S750 70 24.00 36.00 24 00 S 108.00
nces On 1 October 20X6, Halpern Co borrowed $180,000 from Canada Bank The note has a two-year term, and requires that interest of 9% be paid each 30 September, with the principal payable 30 September 20X8 Required: Provide all entries for the note from 20X6 to 20X8 (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) View transaction list 1 Record the borrowings from Canada Bank. 2 Record the accrual of intest for the period ending 31st December 20x6. a Record the interest payment on 30 September 20x7. 4 Record the accrual of interest for the period ending 31st December 20X7 5 Record the interest payment on 30 September 20X8. Record the repayment of borrowings to Canada Bank 6 Note: journal entry has been entered Record entry Clear entry EX - - 2 Credit View gener al journal
Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…
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Gray Inc. lends White Ltd. $60,000 on April 1, accepting a 6-month, 4.5% interest note. Interest is due the first of each month, commencing May 1. Gray Inc. has an April 30 year-end. What adjusting entry should be made before the financial statements can be prepared? Cash 225 Interest Revenue. 225 Note Receivable. Cash. 60,000 60,000 Interest Receivable. Interest Revenue. 1,350 1350 Interest Receivable.. Interest Revenue. 225 225
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