Do not use chatgpt The information necessary for preparing the 2024 year-end adjusting entries for Moreno Advertising Agency appears below. Moreno'sfiscal year-end is December 31.1. On July 1, 2024, Moreno received $4,500 from a customer for advertising services to be given evenly over the next 10 months.Moreno credited Deferred Revenue on July 1.2. At the end of the year, income taxes owed are $5,500.3. On May 1, 2024, the company paid $3,000 for a two-year fire and liability insurance policy. The company debited Prepaid Insuranceon May 1.4. On September 1, 2024, the company borrowed $25,000 from a local bank and signed a note. Principal and interest at 9% will bepaid on August 31, 2025,5. At year-end there is a $1,950 debit balance in the Supplies (asset) account. Only $850 of supplies remains on hand at the end of theyear.Required:Record the necessary adjusting entries on December 31, 2024. No prior adjustments have been made during 2024. (Do not roundintermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the firstaccount field.)

No.DateGeneral JournalDebitCredit1December 31Deferred Revenue ($4,500/10 * 6 months)$2,700 Service…

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PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 17PB

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The information necessary for preparing the 2024 year-end adjusting entries for Aboud Advertising Agency appears below. Aboud's fiscal year-end is December 31. 1. On July 1, 2024, Aboud received $4,700 from a customer for advertising services to be given evenly over the next 10 months. Aboud credited Deferred Revenue on July 1. 2. At the end of the year, income taxes owed are $5,700. 3. On May 1, 2024, the company paid $3,240 for a two-year fire and liability insurance policy. The company debited Prepaid Insurance on May 1. 4. On September 1, 2024, the company borrowed $23,000 from a local bank and signed a note. Principal and interest at 9% will be paid on August 31, 2025. 5. At year-end there is a $2,050 debit balance in the Supplies (asset) account. Only $870 of supplies remains on hand at the end of the year. Required: Record the necessary adjusting entries on December 31, 2024. No prior adjustments have been made during 2024. (Do not round intermediate calculations. If no entry is…
As the accountant for Monroe Trucking Company, you are preparing the company’s annual return, Form 940 andSchedule A. Use the following information to complete Form 940 and Schedule A on pages 5-52 to 5-54.The net FUTA tax liability for each quarter of 2019 was as follows: 1st, $97.00; 2nd, $87.00; 3rd, $69.70; and 4th,$59.50.Since the net FUTA tax liability did not exceed $500, the company was not required to make its first deposit ofFUTA taxes until January 31, 2020. Assume that the electronic payment was made on time.a. One of the employees performs all of his duties in another state—Louisiana.b. Total payments made to employees during calendar year 2019:Texas..........................$53,450Louisiana ...................22,150Total ..........................$75,600c. Employer contributions into employees’ 401(k) retirement plan: $1,250.d. Payments made to employees in excess of $7,000: $22,150.e. Form is to be signed by Vernon Scott, Vice President, and dated 1/31/20.f. Phone…
The information necessary for preparing the 2024 year-end adjusting entries for Whiteclaw Training Academy appears below. Whiteclaw’s fiscal year-end is December 31. At the end of the year, the academy calculated that it owed $6,300 in income taxes. Those taxes won’t be paid until next April 15. Salaries earned (but not paid) from December 16 through December 31, 2024, are $3,300. On March 1, 2024, Whiteclaw lends an employee $16,500. The employee signs a note requiring principal and interest at 8% to be paid on February 28, 2025. On April 1, 2024, Whiteclaw pays an insurance company $12,360 for a two-year fire insurance policy. The entire $12,360 is debited to Prepaid Insurance at the time of the purchase. Whiteclaw uses $1,350 of supplies in 2024. A customer pays Whiteclaw $2,490 on October 31, 2024, for three months of personal training to begin November 1, 2024. Whiteclaw credits Deferred Revenue at the time of cash receipt. On December 1, 2024, Whiteclaw pays $4,950 rent to the…
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Charger Inc. had the following items that require adjusting entries at thể end a. Charger pays its employees $4,000 every Friday for a 5-day work week. This year December 31 fals on a Wednesday b. Charger eamed income of $740,000 for the year for tax purposes. Its effective tax rate is 40%. These taxes must be paid by April 15 of next year.
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rentis taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018amounted to $300,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 40% and 2018 income tax payable of $950,000, prepare the journal entry to recordincome taxes for 2018.

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