The employees of Xitrex, Inc., are paid each Friday. The
company’s fiscal year-end is June 30, which falls on a Wednesday
for the current year. Salaries and wages are earned evenly
throughout the five-day work week, and $11,000 will be paid on
Friday, July 2.
Required:
1. Prepare an adjusting entry to record the
accrued salaries and wages as of June 30, a reversing entry on July
1, and an entry to record the payment of salaries and wages on July
2.
2. Prepare journal entries to record the accrued
salaries and wages as of June 30 and the payment of salaries and
wages on July 2 assuming a reversing entry is not recorded.
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The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30,...
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $22,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on July 2. 2. Prepare journal entries...
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are eamed evenly throughout the five-day work week, and $14,000 will be paid on Friday, July 2, Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on July 2. 2. Prepare journal entries...
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $16,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on July 2. 2. Prepare journal entries...
Exercise 2-21 (Algo) Reversing entries (Appendix 2B) The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $21,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries...
Exercise 2-21 (Algo) Reversing entries (Appendix 2B] The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday fort current year. Salaries are earned evenly throughout the five-day work week, and $19,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on...
Saved Exercise 2-21 (Algo) Reversing entries (Appendix 2B] The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end Is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $29,000 will be paid on Friday, July 2 Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of...
Connect er 2 homework Saved Help Exercise 2-21 (Algo) Reversing entries (Appendix 2B) ok 1 The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $11,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and...
Silicon Chip Company's fiscal year-end is December 31. At the end of 2018, it owed employees $24,000 in salaries and wages that will be paid on January 7, 2019. Required: 1. Prepare an adjusting entry to record accrued salaries and wages, a reversing entry on January 1, 2019, and an entry to record the payment of salaries and wages on January 7, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account...
Chandra Company's fiscal year ends on June 30. It is June 30, 2018, and all of the 2018 entries have been made, except the following adjusting entries: a. On March 30, 2018, Chandra paid $3,200 for a six-month premium for property insurance starting on that date. Cash was credited and prepaid insurance was debited for this amount. b. At June 30, 2018, wages of $900 were earned by employees but not yet paid. The employees will be paid on the...
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The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2017, the company paid its annual fire insurance premium of $3,200 for the year beginning December 1 and debited prepaid insurance, 2. On August 31, 2017, the company borrowed $50,000 from a local bank....