Homework Answers
Solution:
Adjusting entry to be made is as under:
| Account titles | Debit | Credit |
| Salaries and wages expenses | $2,500 | |
| Salaries and wages Payable | $2,500 |
Add Answer to:
Ex. 3: At the end of the accounting year 2019, salaries amounting to $2,500 are outstanding....
Ex. 1: Rent paid in advance amounting to $1,500 on January 1, 2019. During the month...
Ex. 1: Rent paid in advance amounting to $1,500 on January 1, 2019. During the month of January, $500 of rent was expired. What adjusting entry would be made on January 31, 2019.
A company owes employee salaries of $16,000 at the end of the year. These salaries will...
A company owes employee salaries of $16,000 at the end of the year. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? Multiple Choice O Debit Salaries Expense and credit Cash for $16,000. Debit Salaries Expense and credit Salaries Payable for $15,000. Debit Salaries Payable and credit Salaries Expense for $16,000. O O No adjusting entry is necessary at the end of the...
Normal No Spa Heading Heading 2 4 Reg Font Title Paragraph Styles Editing EX 3-5 Adjusting...
Normal No Spa Heading Heading 2 4 Reg Font Title Paragraph Styles Editing EX 3-5 Adjusting Entries for Accrued Salaries • Obj. 2 Paradise Realty Co, pays weekly salaries of $25,500 on Friday for a five- day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Monday and (b) on Thursday EX 3-9 Adjusting Entries for Unearned Fees • Obj. 3 The balance in the...
EX 3-10 Adjusting entry for accrued fees At the end of the current year, $12,300 of...
EX 3-10 Adjusting entry for accrued fees At the end of the current year, $12,300 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Explain.
Certain adjusting entries made at the end of an accounting period are reversed at the beginning...
Certain adjusting entries made at the end of an accounting
period are reversed at the beginning of the following period.
Required:
Analyze the following four adjusting entries made on December 31,
and determine whether a reversing entry is needed.
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit...
Record the adjusting entry for accrued salaries and wages at year-end that amounted to $800 What...
Record the adjusting entry for accrued salaries and wages at year-end that amounted to $800 What is the adjusting journal entry of this sentence?
Accrual Based Accounting – Adjusting Journal Entries (AJEs): Say Something, Inc. purchases equipment on 5/1/2019, paying...
Accrual Based Accounting – Adjusting Journal Entries (AJEs): Say Something, Inc. purchases equipment on 5/1/2019, paying $4,500 in cash. The equipment has a 4-year useful life, $0 salvage value, and Say Something uses the ‘straight line depreciation’ method to allocate the cost of the equipment evenly over its useful life. Record the journal entry for the original purchase of equipment on May 1st, 2019. Record the adjusting entry to recognize Depreciation Expense on December 31st, 2019. Assume Say Something uses...
Grade: Chapter 3: Accrual Basis of Accounting 1. Fred Company paid $48,000 for a two-year insurance...
Grade: Chapter 3: Accrual Basis of Accounting 1. Fred Company paid $48,000 for a two-year insurance policy on October 1 and recorded the $48,000 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Fred make on December 31, the end of the accounting period (no previous adjustment has been made)? 2. As of the beginning of 2016, the Let's Move Company had equipment totaling $1,800,000 which was depreciated at $150,000 per year. If Let's...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not yet paid to employees. Salaries payable Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. At its December 31 year-end, the company owes $325 of interest on a line-of-credit loan. That interest will not be paid until...
Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2018....
Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2018. The transactions during 2018 have been journalized and posted. The following data are available to determine adjusting journal entries a. The unadiusted balance in Supplies was $820 at December 31, 2018. The unadjusted balance in Supplies Expense was $0 at December 31, 2018. A year-end count showed $100 of supplies on hand. b. Wages earned by employees during December 2018, unpaid and unrecorded at...
Ex. 1: Rent paid in advance amounting to $1,500 on January 1, 2019. During the month of January, $500 of rent was expired. What adjusting entry would be made on January 31, 2019.
A company owes employee salaries of $16,000 at the end of the year. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? Multiple Choice O Debit Salaries Expense and credit Cash for $16,000. Debit Salaries Expense and credit Salaries Payable for $15,000. Debit Salaries Payable and credit Salaries Expense for $16,000. O O No adjusting entry is necessary at the end of the...
Normal No Spa Heading Heading 2 4 Reg Font Title Paragraph Styles Editing EX 3-5 Adjusting Entries for Accrued Salaries • Obj. 2 Paradise Realty Co, pays weekly salaries of $25,500 on Friday for a five- day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Monday and (b) on Thursday EX 3-9 Adjusting Entries for Unearned Fees • Obj. 3 The balance in the...
EX 3-10 Adjusting entry for accrued fees At the end of the current year, $12,300 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Explain.
Certain adjusting entries made at the end of an accounting
period are reversed at the beginning of the following period.
Required:
Analyze the following four adjusting entries made on December 31,
and determine whether a reversing entry is needed.
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit...
Grade: Chapter 3: Accrual Basis of Accounting 1. Fred Company paid $48,000 for a two-year insurance policy on October 1 and recorded the $48,000 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Fred make on December 31, the end of the accounting period (no previous adjustment has been made)? 2. As of the beginning of 2016, the Let's Move Company had equipment totaling $1,800,000 which was depreciated at $150,000 per year. If Let's...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not yet paid to employees. Salaries payable Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. At its December 31 year-end, the company owes $325 of interest on a line-of-credit loan. That interest will not be paid until...
Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2018. The transactions during 2018 have been journalized and posted. The following data are available to determine adjusting journal entries a. The unadiusted balance in Supplies was $820 at December 31, 2018. The unadjusted balance in Supplies Expense was $0 at December 31, 2018. A year-end count showed $100 of supplies on hand. b. Wages earned by employees during December 2018, unpaid and unrecorded at...
Most questions answered within 3 hours.
-
Assume that each of the following scenarios pertain to a study
or exercise (exposure) and myocardial...
asked 6 minutes ago -
Which of the following statements is not true
with spanning trees and forests (in graph theory)?...
asked 8 minutes ago -
Baker Company purchased for $80,000 a patent on January 1, 2011.
The patent has an expected...
asked 5 minutes ago -
Why is it valuable for retailers to understand the complexity of
the standard-of-living concept? Justify your...
asked 8 minutes ago -
The stock market in the past week had declined 17%. The Risk
free rate is 3%,...
asked 15 minutes ago -
1,What is the following code an example of:
volatile int i = 0;
static void *f1(void...
asked 19 minutes ago -
Consider a solution containing 0.100 M fluoride ions and 0.126 M
hydrogen fluoride. The concentration of...
asked 13 minutes ago -
A Gallup poll randomly asked 1006 Americans how many books you
read in the past year....
asked 17 minutes ago -
. Calculate the de Broglie wavelength of a proton moving at 2.32
✕ 104 m/s and...
asked 21 minutes ago -
Given that ΔHvap is 52.6 kJ/mol, and the boiling
point is 83.4oC, if one mole of...
asked 33 minutes ago -
How many milliliters of 10.5 M
hydrobromic acid solution should be used to
prepare 2.00 L...
asked 32 minutes ago -
Which of the following statements are true about transposable
elements?
Select one:
a. Non-autonomous transposons no...
asked 35 minutes ago