Homework Answers
Answer : The balance of wages payable account at the end of month was $16,000
| Opening Balance beginning of Month | 25,000 |
| Add : Accrued during the year | 54,000 |
| Less : Paid during the year | (63,000) |
| Closing Balance at end of Month | 16,000 |
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The balance in the Wages Payable account was $25,000 at the beginning of the month. Wages...
Multiple Choice Account questions 1.The effect of an adjustment on the financial statements is usually to:...
Multiple Choice Account questions 1.The effect of an adjustment on the financial statements is usually to: a.Match revenues and assets b.increase net income c.make the balance sheet balance d.increase the accuracy of both the balance sheet and income statement 2.The balance in the wages payable account was $25,000 at the beginning of the month. Wages accrued during the month totaled $54,000. Wages paid during the month were $63,000 a.wages expenses for the month totaled $79,000 b.wages expense for the month...
Solve for the missing amounts in the T-account given below. Assume that there is only one...
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Solve for the missing amounts in the T-account given below. Assume that there is only one...
Solve for the missing amounts in the T-account given below. Assume that there is only one debit entry and one credit entry in the account during the month. Required: a. The Supplies account had a balance of $1,300 at the beginning of the month and $1,800 at the end of the month. The cost of supplies purchased during the month was $4.100. Calculate the cost of supplies used during the month. Supplies Beginning balance Supplies purchased Ending balance Supplies used...
Accounts Payable had a balance of $18,360 at the beginning of the month. During the month,...
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Exercise 4.20 LO 6, 7 Transaction analysis using T-accounts This exercise provides practice in under- standing the operation of T-accounts and transaction analysis. For each situation, you must solve for a missing amount. Use a T-account for the balance sheet account, show in a horizontal model, or prepare journal entries for the information provided. In each case, there is only one debit entry and one credit entry in the account during the month. Example: Accounts Payable had a balance of...
Sales on account during the month totaled $78,000. Cash collections of accounts receivable during the month...
Sales on account during the month totaled $78,000. Cash
collections of accounts receivable during the month totaled
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of the month was $31,000. No accounts receivable were written off
as uncollectible during the month. The balance in the Accounts
Receivable account at the beginning of the month was:
Sales on account during the month totaled $78,000. Cash collections of accounts receivable during the month totaled $72,000. The balance in the...
The beginning balance in supplies inventory is $25,000. During the year, $13,500 of supplies were purchased...
The beginning balance in supplies inventory is $25,000. During the year, $13,500 of supplies were purchased on credit. The ending balance in the supplies inventory account is $23,750. What was the supply expense for the year, wages payable had a beginning balance of $35,000, wage expense for the period was $$48,000. The ending balance in the wages payable account was $36,300. How much cash was paid for wages during the period?
Eagle Company reported Salaries and Wages Payable of $825 at the beginning of the year and...
Eagle Company reported Salaries and Wages Payable of $825 at the beginning of the year and $2,650 at the end of the year. The income statement for the year reported Salaries and Wages Expense of $57,700. How much cash was paid for salaries and wages during the year? Multiple Choice $55,875 O $55,050 $54,225 O $57,700
The expense account, Salaries Expense, has an unadjusted balance of $151,000 on Thursday, December 31, 2017. ...
The expense account, Salaries Expense, has an unadjusted balance of $151,000 on Thursday, December 31, 2017. The company operates five days a week with a daily payroll of $4,000. Employees are paid every Saturday for the workweek just completed (Monday through Friday). Determine the correct ending balance in Salaries Payable and Salaries Expense after the correct adjusting entry is made at year end: A. Salaries Payable Salaries Expense $4,000 $155,000 B. Salaries Payable Salaries Expense $4,000 $147,000 C. Salaries Payable Salaries Expense...
For each of the following situation, solve for a missing amount. In each case, there is...
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Solve for the missing amounts in the T-account given below. Assume that there is only one debit entry and one credit entry in the account during the month. Required: a. The Supplies account had a balance of $1,300 at the beginning of the month and $1,800 at the end of the month. The cost of supplies purchased during the month was $4.100. Calculate the cost of supplies used during the month. Supplies Beginning balance Supplies purchased Ending balance Supplies used...
Accounts Payable had a balance of $18,360 at the beginning of the month. During the month, three debits in the amounts of $4,540, $11140, and $14,640 were posted to Accounts Payable, and three credits in the amounts of $3,760, $9,660, and $12,860 were posted to Accounts Payable. What is the ending balance of the Accounts Payable account? Multiple Choice o o o o
Exercise 4.20 LO 6, 7 Transaction analysis using T-accounts This exercise provides practice in under- standing the operation of T-accounts and transaction analysis. For each situation, you must solve for a missing amount. Use a T-account for the balance sheet account, show in a horizontal model, or prepare journal entries for the information provided. In each case, there is only one debit entry and one credit entry in the account during the month. Example: Accounts Payable had a balance of...
Sales on account during the month totaled $78,000. Cash
collections of accounts receivable during the month totaled
$72,000. The balance in the Accounts Receivable account at the end
of the month was $31,000. No accounts receivable were written off
as uncollectible during the month. The balance in the Accounts
Receivable account at the beginning of the month was:
Sales on account during the month totaled $78,000. Cash collections of accounts receivable during the month totaled $72,000. The balance in the...
Eagle Company reported Salaries and Wages Payable of $825 at the beginning of the year and $2,650 at the end of the year. The income statement for the year reported Salaries and Wages Expense of $57,700. How much cash was paid for salaries and wages during the year? Multiple Choice $55,875 O $55,050 $54,225 O $57,700
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