Stone Works is a paving stone installation business that operates from about April to October each year. The company has an outstanding reputation for the quality of its work and as a result pre-books customers a full year in advance. Customers must pay 40% at the time of booking and the balance on the completion date of the job. Stone Works records the 40% cash advance received from customers in the Unearned Revenues account. The December 31, 2017, balance sheet shows Unearned Revenues totalling $279,000. During 2018, $359,000 of cash was collected in total from customers: $249,000 regarding work completed during the year for customers who paid 40% down in 2017, and the balance representing the 40% prepayments for work to be done in 2019. Required: 1. Prepare the entry to record the collection of cash in 2018. (Do not round intermediate calculations. Round the answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.