Homework Answers
| Putnam Investments | |||
| Journal Enteries | |||
| Date | Particulars | Debit in $ | Credit in $ |
| Mar-31 | Salary Expense a/c Dr. | 150000 | |
| To Salary Payable | 150000 | ||
| (Salary accrued for the month of Marcch) | |||
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Employees at Putnam Investments worked the week ending March 31. They will be paid in April....
4. Employees at Putnam Investments worked the week ending Marc paid in April. Salaries amounted to...
4. Employees at Putnam Investments worked the week ending Marc paid in April. Salaries amounted to $150.000. What is the March 31 adjusting en ed the week ending March 31. They will be Account Titles and Explanation Debit Credit
During the month of March, Oriole Company's employees earned wages of $80,000. Withholdings related to these wages...
During the month of March, Oriole Company's employees earned wages of $80,000. Withholdings related to these wages were $6,120 for FICA, $9,600 for federal income tax, $4,000 for state income tax, and $480 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $800 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
Brief Exercise 13-7 Pharoah Inc. provides paid vacations to its employees. At December 31, 2017, 43...
Brief Exercise 13-7 Pharoah Inc. provides
paid vacations to its employees. At December 31, 2017, 43 employees
have each earned 2 weeks of vacation time. The employees’ average
salary is $350 per week. Prepare Pharoah’s December 31, 2017,
adjusting entry. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-7 Pharoah Inc. provides paid vacations...
During the month of March, Pharoah Company's employees earned wages of $60,000. Withholdings related to these...
During the month of March, Pharoah Company's employees earned
wages of $60,000. Withholdings related to these wages were $4,590
for FICA, $7,200 for federal home tax, $3,000 for state income tax,
and $360 for union dues. The company incurred no cost related to
these earnings for federal unemployment tax but incurred $600 for
state unemployment tax.
Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
During the month of March, Sunland Company's employees earned wages of $48,000. Withholdings related to these...
During the month of March, Sunland Company's employees earned wages of $48,000. Withholdings related to these wages were 53.672 for FICA 55.760 for federal income tax, $2.400 for state income tax, and $200 for unlondues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $480 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will...
Zheng Corporation had the following selected transactions in the month of March. The company adjusts its...
Zheng Corporation had the following selected transactions in
the month of March. The company adjusts its accounts monthly.
1.
The company has a 15%, $12,110 bank
loan payable due in one year. Interest is payable on the first day
of each following month and was last paid on March 1.
2.
At the end of March, the company
earned $350 interest on its investments. The bank deposited this
amount in Zheng’s cash account on April 1.
3.
Zheng has five...
During the month of March, Sheridan Company's employees earned wages of $84,000. Withholdings related to these...
During the month of March, Sheridan Company's employees earned wages of $84,000. Withholdings related to these wages were $6.126 for FICA, $10,080 for federal income tax, $4,200 for state income tax, and $504 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $840 for state unemployment Prepare the necessary March 31 Journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will...
During the month of March, Cullumber Company’s employees earned wages of $54,000. Withholdings related to these...
During the month of March, Cullumber Company’s employees earned
wages of $54,000. Withholdings related to these wages were $4,131
for FICA, $6,480 for federal income tax, $2,700 for state income
tax, and $324 for union dues. The company incurred no cost related
to these earnings for federal unemployment tax but incurred $540
for state unemployment tax.
Prepare the necessary March 31 journal entry to record salaries
and wages expense and salaries and wages payable. Assume that wages
earned during March...
Whispering Winds Company pays salaries of $10,320 every Monday for the preceding 5-day week (Monday through...
Whispering Winds Company pays salaries of $10,320 every Monday
for the preceding 5-day week (Monday through Friday). Assume
December 31 falls on a Tuesday, so Whispering Winds’s employees
have worked 2 days without being paid at the end of the fiscal
year.
Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Whispering Winds pays the payroll. (Credit account titles are automatically indented when amount is entered. Do...
Question 3 During the month of March, Sheridan Company's employees earned wages of $67,000. Withholdings related...
Question 3 During the month of March, Sheridan Company's employees earned wages of $67,000. Withholdings related to these wages were $5,126 for Social Security (FICA), 7,852 for federal income tax, $3,245 for state income tax, and $419 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $733 for state unemployment tax Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that...
4. Employees at Putnam Investments worked the week ending Marc paid in April. Salaries amounted to $150.000. What is the March 31 adjusting en ed the week ending March 31. They will be Account Titles and Explanation Debit Credit
During the month of March, Oriole Company's employees earned wages of $80,000. Withholdings related to these wages were $6,120 for FICA, $9,600 for federal income tax, $4,000 for state income tax, and $480 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $800 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
Brief Exercise 13-7 Pharoah Inc. provides
paid vacations to its employees. At December 31, 2017, 43 employees
have each earned 2 weeks of vacation time. The employees’ average
salary is $350 per week. Prepare Pharoah’s December 31, 2017,
adjusting entry. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-7 Pharoah Inc. provides paid vacations...
During the month of March, Pharoah Company's employees earned
wages of $60,000. Withholdings related to these wages were $4,590
for FICA, $7,200 for federal home tax, $3,000 for state income tax,
and $360 for union dues. The company incurred no cost related to
these earnings for federal unemployment tax but incurred $600 for
state unemployment tax.
Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
During the month of March, Sunland Company's employees earned wages of $48,000. Withholdings related to these wages were 53.672 for FICA 55.760 for federal income tax, $2.400 for state income tax, and $200 for unlondues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $480 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will...
Zheng Corporation had the following selected transactions in
the month of March. The company adjusts its accounts monthly.
1.
The company has a 15%, $12,110 bank
loan payable due in one year. Interest is payable on the first day
of each following month and was last paid on March 1.
2.
At the end of March, the company
earned $350 interest on its investments. The bank deposited this
amount in Zheng’s cash account on April 1.
3.
Zheng has five...
During the month of March, Sheridan Company's employees earned wages of $84,000. Withholdings related to these wages were $6.126 for FICA, $10,080 for federal income tax, $4,200 for state income tax, and $504 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $840 for state unemployment Prepare the necessary March 31 Journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will...
During the month of March, Cullumber Company’s employees earned
wages of $54,000. Withholdings related to these wages were $4,131
for FICA, $6,480 for federal income tax, $2,700 for state income
tax, and $324 for union dues. The company incurred no cost related
to these earnings for federal unemployment tax but incurred $540
for state unemployment tax.
Prepare the necessary March 31 journal entry to record salaries
and wages expense and salaries and wages payable. Assume that wages
earned during March...
Whispering Winds Company pays salaries of $10,320 every Monday
for the preceding 5-day week (Monday through Friday). Assume
December 31 falls on a Tuesday, so Whispering Winds’s employees
have worked 2 days without being paid at the end of the fiscal
year.
Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Whispering Winds pays the payroll. (Credit account titles are automatically indented when amount is entered. Do...
Question 3 During the month of March, Sheridan Company's employees earned wages of $67,000. Withholdings related to these wages were $5,126 for Social Security (FICA), 7,852 for federal income tax, $3,245 for state income tax, and $419 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $733 for state unemployment tax Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that...
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