Journal Entry : It means record of financial data related to business transactions in a journal in a manner so that debit equals credit. It provides an audit trail to the auditor and a means to analyze the effects of transactions to an organization’s financial health. Rules of Journal Entry: Assets: Increase in asset should be debit and decrease should be credit. Liabilities: Increase in liabilities should be credit and decrease should be debit. Equity: Increase in Equity should be credit and decrease should be debit. Expense: Increase in expense should be debit and decrease should be credit. Revenue: Increase in revenue should be credit and decrease should be debit. Accounts Receivable : It refers to the amount that is to be received by a company for providing goods and services on credit. It is an asset account. Bad Debts : It refers to the amount that was expected to be received on credit sales but went uncollectible. It is a loss to the company. Perpetual Inventory System: It refers to the system to record the transaction related to inventories at the time of their occurrence. Each sale and purchase is recorded at the time they occurred. To prepare: Adjustment entry to record the given transactions for uncollectible.

Question

If Salaries and Wages Expense is $448,600 during the year and the beginning and ending balances of Salaries and Wages Payable are $21,500 and $17,100, respectively, the cash paid to employees is__.

Answer 1

Question

Chapter 7, Problem 4PSB

To determine

Journal Entry:

It means record of financial data related to business transactions in a journal in a manner so that debit equals credit. It provides an audit trail to the auditor and a means to analyze the effects of transactions to an organization’s financial health.

Rules of Journal Entry:

Assets: Increase in asset should be debit and decrease should be credit.

Liabilities: Increase in liabilities should be credit and decrease should be debit.

Equity: Increase in Equity should be credit and decrease should be debit.

Expense: Increase in expense should be debit and decrease should be credit.

Revenue: Increase in revenue should be credit and decrease should be debit.

Accounts Receivable:

It refers to the amount that is to be received by a company for providing goods and services on credit. It is an asset account.

Bad Debts:

It refers to the amount that was expected to be received on credit sales but went uncollectible. It is a loss to the company.

Perpetual Inventory System:

It refers to the system to record the transaction related to inventories at the time of their occurrence. Each sale and purchase is recorded at the time they occurred.

To prepare: Adjustment entry to record the given transactions for uncollectible.

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If Salaries and Wages Expense is $448,600 during the year and the beginning and ending balances of Salaries and Wages Payable are $21,500 and $17,100, respectively, the cash paid to employees is__.

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During the month of March, Neji Company used $32,800 of direct materials and incurred $46,100 of direct labor costs. Jacob applied overhead to products in the amount of $21,900. If the cost of goods manufactured was $138,000 and the ending work in process balance was $23,600, the beginning work in process must have been equal to _.