Journal Entries: Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side. Accounting rules for journal entries: ► To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. ► To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. 1. To compute: The amount of bonus payable.

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Answer 1

Question

Chapter 9, Problem 11E

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

Accounting rules for journal entries:

► To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

► To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To compute:

The amount of bonus payable.

2.

To determine

To prepare:

Journal entry for bonus due to employee.

3.

To determine

To prepare:

Journal entry for payment of bonus to employees.

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The actual cost of direct labor per hour is $16.25 and the standard cost of direct labor per hour is $15.00. The direct labor hours allowed per finished unit is 0.60 hours. During the current period, 4,500 units of finished goods were produced using 2,900 direct labor hours. How much is the direct labor rate variance? A. $3,625 favorable B. $3,625 unfavorable C. $4,350 favorable D. $4,350 unfavorable

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Answer 2

Question

Chapter 9, Problem 11E

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

Accounting rules for journal entries:

► To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

► To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To compute:

The amount of bonus payable.

2.

To determine

To prepare:

Journal entry for bonus due to employee.

3.

To determine

To prepare:

Journal entry for payment of bonus to employees.

Expert Solution & Answer

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Answer 3

Question

Chapter 9, Problem 11E

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

Accounting rules for journal entries:

► To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

► To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To compute:

The amount of bonus payable.

2.

To determine

To prepare:

Journal entry for bonus due to employee.

3.

To determine

To prepare:

Journal entry for payment of bonus to employees.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 9, Problem 11E

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

Accounting rules for journal entries:

► To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

► To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To compute:

The amount of bonus payable.

2.

To determine

To prepare:

Journal entry for bonus due to employee.

3.

To determine

To prepare:

Journal entry for payment of bonus to employees.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 11E

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

Accounting rules for journal entries:

► To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

► To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To compute:

The amount of bonus payable.

2.

To determine

To prepare:

Journal entry for bonus due to employee.

3.

To determine

To prepare:

Journal entry for payment of bonus to employees.

Answer 6

Chapter 9, Problem 11E

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

Accounting rules for journal entries:

► To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

► To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To compute:

The amount of bonus payable.

Answer 7

Chapter 9, Problem 11E

To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

Accounting rules for journal entries:

► To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

► To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To compute:

The amount of bonus payable.

Answer 8

2.

To determine

To prepare:

Journal entry for bonus due to employee.

Answer 9

2.

To determine

To prepare:

Journal entry for bonus due to employee.

Answer 10

3.

To determine

To prepare:

Journal entry for payment of bonus to employees.

Answer 11

3.

To determine

To prepare:

Journal entry for payment of bonus to employees.

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 9 - Prob. 1MCQ Ch. 9 - 2. An employee earned $50,000 during the year. ...Ch. 9 - Prob. 3MCQ Ch. 9 - Prob. 4MCQ Ch. 9 - Prob. 5MCQ Ch. 9 - Prob. 1DQ Ch. 9 - Prob. 2DQ Ch. 9 - 3. What are the three important questions...Ch. 9 - Prob. 4DQ Ch. 9 - Prob. 5DQ

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Journal entry for bonus due to employee.

To prepare:

Journal entry for payment of bonus to employees.

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Chapter 9 Solutions

Concept explainers

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To prepare: Journal entry for bonus due to employee.

To prepare: Journal entry for payment of bonus to employees.

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Chapter 9 Solutions

To prepare:

Journal entry for bonus due to employee.

To prepare:

Journal entry for payment of bonus to employees.