Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 4, Problem 4.30EX
Appendix 2
Entries posted to wages expense account
Portions of the wages expense account of a business follow:
| Account | Wages | Expense | Account No. 53 | |||
| Date | Item | Post. Ref. | Dr. | Cr. | Balance | |
| Dr. | Cr. | |||||
| 2017 Dec. 26 | (1) | 125 | 15,400 | 800,000 | ||
| 31 | (2) | 126 | 9,250 | 809,250 | ||
| 31 | (3) | 127 | 809,250 | — | — | |
| 2018 Jan. 1 | (4) | 128 | 9,250 | 9,250 | ||
| 2 | (5) | 129 | 14,800 | 5,550 | ||
A. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made.
B. Journalize the complete entry from which each numbered posting was made.
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Using the employee payroll entry from Problem 7-3A, complete the General Journal entry for the issuance of the pay for the
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"No journal entry required" in the first account field.)
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Problem Al-3A Journal entries-payroll taxes, and employee fringe benefits LO2, 3, 4
A company showed the following information in its payroll register for the week ended March 16, 2018:
Deductions
Pay
Office
Sales Salaries
Total
Deductions
Medical
Insurance
52.50
Net Pay
EL Premium
23.90
Expense
Income Taxes
289.38
CPP
67.95
Union Dues
105.00
538.73
1,440.00
901.27
1,009.81
27.39
381.95
25.00
78.34
127.50
640.19
32.37
480.74
35.00
93.19
78.75
720.05
1,229.95
222.19
47-50
61.02
90.00
442.25
1,300,00
105.24
1,374.26
160.00
300.50
401.25
2,341.25
3,998.75
1,440.00
1,300.00
Required:
1. Prepare a General Journal entry to record the payroll register information. (Round your answers to 2 decimal places.)
2. Prepare a General Journal entry to record the employer's payroll expenses resulting from the payroll. (Round your answers to 2
decimal places.)
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Debit
Credit
No
General Journal
Employees' income taxes payable
Employees' union dues payable…
Chapter 4 Solutions
Corporate Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - What is the natural business year?Ch. 4 - Recent fiscal years for several well-known...
Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Prob. 4.4BECh. 4 - Accounting cycle From the following list of steps...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation had the...Ch. 4 - Retained earnings statement Climate Control...Ch. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Dynamic Weight Loss Co. offers...Ch. 4 - Prob. 4.13EXCh. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Closing entries with net loss Rainbow Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Prob. 4.26EXCh. 4 - Appendix 2 Reversing entry The following adjusting...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Foxy...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - Prob. 4.3BPRCh. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Continuing Company Analysis- Amazon: Working...Ch. 4 - Under Armour: Current ratio The following year-end...Ch. 4 - Prob. 4.3ADMCh. 4 - Google and Microsoft: Current ratio Google, Inc....Ch. 4 - Prob. 4.1TIFCh. 4 - Communication Your friend, Daniel Nat, recently...
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