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
paid vacations to its employees. At December 31, 2017, 43...
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Kasten Inc. provides paid vacations to its employees. At December 31, 2014, 28 employees have each earned 2 weeks of vacation time. The employees’ average salary is $674 per week. Prepare Kasten’s December 31, 2014, 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.)
Illustration: Kasten Inc. provides paid vacations to its employees. At December 31, 2019, 30 employees have...
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Brief Exercise 13-10 Marin Inc. is involved in a lawsuit at December 31, 2017. Prepare the...
Brief Exercise 13-10 Marin Inc. is involved in a lawsuit at December 31, 2017. Prepare the December 31 entry assuming it is probable that Marin will be liable for $932,100 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 Prepare the...
Brief Exercise 13-10 Teal Inc. is involved in a lawsuit at December 31, 2017. Prepare the...
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...
Pharoah, Inc. had net sales in 2017 of $1,410,600. At December 31, 2017, before adjusting entries,...
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*Exercise 17-15 Pharoah Company has the following securities in its portfolio on December 31, 2017. None...
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Brief Exercise 13-13 Teal Factory provides a 2-year warranty with one of its products which was...
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...
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...
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Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017, by signing a $57,320, 3-month,...
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...
Pharoah, Inc. had net sales in 2017 of $1,410,600. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $384,800 debit, and Allowance for Doubtful Accounts $3,820 credit. Assume Pharoah prepares an aging schedule that estimates total uncollectible accounts at $24,000. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the...
*Exercise 17-15 Pharoah Company has the following securities in its portfolio on December 31, 2017. None of these investments are accounted for under the equity method. Investments Cost - Fair Value $74,100 $69,900 1,500 shares of Gordon, Inc., Common 5,000 shares of Wallace Corp., Common 400 shares of Martin, Inc., Preferred 178,400 173,900 63,200 64,600 $315,700 $308,400 All of the securities were purchased in 2017. In 2018, Pharoah completed the following securities transactions. March 1 April 1 Sold the 1,500...
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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