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.)
Homework Answers
| Account | Debit | Credit |
|---|---|---|
| Salaries and Wages Expense | 30,100 | |
| Salaries and Wages payable | 30,100 |
(43*350*2)
Comment if you face any issues
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Brief Exercise 13-7 Pharoah Inc. provides
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in a lawsuit at December 31, 2017. Prepare the December 31 entry
assuming it is probable that Teal will be liable for $954,500 as a
result of this suit. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the amounts. Credit account
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Brief Exercise 13-13 Teal Factory provides
a 2-year warranty with one of its products which was first sold in
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expects $117,650 of warranty costs over the next 2 years. In that
year, Teal spent $65,190 servicing warranty claims. Prepare Teal’s
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inventory costs. (If no entry is required, select...
Brief Exercise 13-13 Bonita Factory provides a 2-year warranty with one of its products which was...
Brief Exercise 13-13
Bonita Factory provides a 2-year warranty with one of its products
which was first sold in 2017. Bonita sold $909,800 of products
subject to the warranty. Bonita expects $124,480 of warranty costs
over the next 2 years. In that year, Bonita spent $73,090 servicing
warranty claims. Prepare Bonita’s journal entry to record the sales
(ignore cost of goods sold) and the December 31 adjusting entry,
assuming the expenditures are inventory costs. (If no
entry is required, select...
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Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, 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 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
Brief Exercise 13-10 Teal Inc. is involved
in a lawsuit at December 31, 2017. Prepare the December 31 entry
assuming it is probable that Teal will be liable for $954,500 as a
result of this suit. (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.) Date Account Titles and Explanation Debit Credit
December 31, 2017 SHOW LIST...
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Brief Exercise 13-13 Teal Factory provides
a 2-year warranty with one of its products which was first sold in
2017. Teal sold $986,900 of products subject to the warranty. Teal
expects $117,650 of warranty costs over the next 2 years. In that
year, Teal spent $65,190 servicing warranty claims. Prepare Teal’s
journal entry to record the sales (ignore cost of goods sold) and
the December 31 adjusting entry, assuming the expenditures are
inventory costs. (If no entry is required, select...
Brief Exercise 13-13
Bonita Factory provides a 2-year warranty with one of its products
which was first sold in 2017. Bonita sold $909,800 of products
subject to the warranty. Bonita expects $124,480 of warranty costs
over the next 2 years. In that year, Bonita spent $73,090 servicing
warranty claims. Prepare Bonita’s journal entry to record the sales
(ignore cost of goods sold) and the December 31 adjusting entry,
assuming the expenditures are inventory costs. (If no
entry is required, select...
Brief Exercise 4-7 (Part Level Submission) On July 1, 2017, Sandhill Co. pays 516,500 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. Your answer is correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Pharoah Company. Pharoah uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the...
Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, 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 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
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