Homework Answers
Journal Entries:
| Tran. | Account Titles and Explanations | Debit | Credit |
| 6) | Accounts Receivable | $200 | |
| Sales Revenue | $200 | ||
| (To record the sale of bikes on credit for worth of $200.) | |||
| 7) | Wages Expenses | $648 | |
| Wages Payable | $648 | ||
| (To record the accrual of wages expenses) |
Journal entries are prepared because the transactions are given, please do comment for any questions.
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10 Mike's Bikes delivered an order for a $200 bike on December 31. The customer will...
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Exercise 3-1 Adjusting and paying accrued wages LO P1 Pablo Management has five part-time employees, each...
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n QS 3-9 Adjusting for depreciation LO P1 Barga Company purchases $20,000 of equipment on January...
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Crane Company has the following information available for accruals for the year ended December 31, 2020....
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Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned...
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Cullumber Company has the following information available for accruals for the year ended December 31, 2022....
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A review of the ledger of Cheyenne Corp. at December 31, 2022, produces the following data...
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adjusting entries.
1.
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policies on its buildings and its motor vehicles. Policy B4564 on
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has a term of 3 years. Policy A2958 on the vehicles was purchased
on January 1, 2022, for $8,208. This policy has a term...
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Exercise 3-2 Adjusting and paying accrued wages LO P3 Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday,...
Exercise 3-1 Adjusting and paying accrued wages LO P1 Pablo Management has five part-time employees, each of whom earns $105 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day. (January 1) was an unpaid holiday 26 1. Prepare the year-end adjusting entry for wages expenses 2. Prepare the journal entry to...
n QS 3-9 Adjusting for depreciation LO P1 Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2.000 at the end of that time. Prepare the entry to record one year's depreciation expense for the equipment as of December 31. (if no entry is required for a transaction event, select "No journal entry required in the first account field.) ped View transaction list Journal entry worksheet Record the depreciation...
Crane Company has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually. 1. The December utility bill for $430 was unrecorded on December 31. Crane paid the bill on January 11. Crane is open 7 days a week and employees are paid a total of $4,900 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31)...
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $13,600 of unpaid and unrecorded salaries. The next payday is January 3, at which time $34,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual. Multiple Choice Debit Salaries payable $13,600, credit Salaries expense $13,600 ) 0 Debit Salaries expense $13,600; credit Salaries payable $13,600, 0 0 Debit Salaries payable $20,400; credit Cash...
Cullumber Company has the following information available for accruals for the year ended December 31, 2022. The company adjusts its accounts annually. 1. 2. 3. The December utility bill for $315 was unrecorded on December 31. Cullumber paid the bill on January 11. Cullumber is open 7 days a week and employees are paid a total of $2,590 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday,...
Exercise 3-2 Adjusting and paying accrued wages LO P3 Pablo Management has seven employees, each of whom earns $225 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the seven employees worked Monday, December 31, and Wednesday through Friday, January 23, and 4. New Year's Day (January 1) was an unpaid holiday Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January...
A review of the ledger of Cheyenne Corp. at December 31, 2022,
produces the following data pertaining to the preparation of annual
adjusting entries.
1.
Prepaid Insurance $17,328. The company has separate insurance
policies on its buildings and its motor vehicles. Policy B4564 on
the building was purchased on July 1, 2021, for $10,944. The policy
has a term of 3 years. Policy A2958 on the vehicles was purchased
on January 1, 2022, for $8,208. This policy has a term...
A review of the ledger of Skysong, Inc. at December 31, 2022, produces the following data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $13,376. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on July 1, 2021, for $8,448. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1, 2022, for $6,336. This policy has a term...
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