if a journal entry and posting for salaries expense that incurred during this year but will...
Homework Answers
Solution:
1) Following is the entry which has been accidentally omitted
| Date | General Journal | Debit | Credit |
| Year End | Salaries Expense | xx | |
| Salaries Payable | xx | ||
| [ Being salary expenses payable] |
2) By Omitting the transaction, there are 2 effects.
3) First, Increase in Net Income because of omitting a expense entry(Salaries Expense) in the income statement
4) Secondly, Decrease in Current liabilities because of omitting the liability entry(Salaries Payable) in the balance sheet.
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if
a journal entry and posting for salaries expense that incurred
during this year but will...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
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...
Sherriane Baby Products' salaries expense was $14.9 million. Required: What is the amount of cash Sherriane...
Sherriane Baby Products' salaries expense was $14.9 million. Required: What is the amount of cash Sherriane paid to employees during the reporting period if its salaries payable increased by $4.5 million? Prepare a summary entry that represents the net effect of salaries expense incurred and paid during the reporting period. Complete this question by entering your answers in the tabs below. Cash Paid General Journal What is the amount of cash Sherriane paid to employees during the reporting period if...
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Journal entry worksheet
1
Record salaries and wages expense.
Record payroll tax expense.
Record salaries and wage expense for fringe benefits provided
by the employer.
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Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $350 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. c. Interest...
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Journal Entry and T-Account Please 31 The company paid office salaries expense of $110,000 and sales...
Journal Entry and T-Account Please
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a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
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Sherriane Baby Products' salaries expense was $14.9 million. Required: What is the amount of cash Sherriane paid to employees during the reporting period if its salaries payable increased by $4.5 million? Prepare a summary entry that represents the net effect of salaries expense incurred and paid during the reporting period. Complete this question by entering your answers in the tabs below. Cash Paid General Journal What is the amount of cash Sherriane paid to employees during the reporting period if...
Journal entry worksheet
1
Record salaries and wages expense.
Record payroll tax expense.
Record salaries and wage expense for fringe benefits provided
by the employer.
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 85% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $350 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. c. Interest...
Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanation plies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office 2. Prepare T accounts, using the account titles in (1). Post the journal entries to the accounts, placing the appropriate letter to the left of each amount to identify the transaction Determine the account balances after all posting is complete. Accounts containing only a sine PR 2-2A Journal entries and trial balance Obj. 1, 2, 3, 4 56,770 On October...
How would you calculate the journal entry for #13 and what
would the exact journal entry be? note that #8 effects it
lame 9) Accrued wages payable at year-end should be $75,000. 10) On October 1, 2011, $600,000 was paid for a 24-month operating lease for the building. The lease will be expensed evenly over the lease period. 11 on June 1, 2011, a check for $360,000 was issued for a one-year insurance policy to be expensed evenly over the...
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Journal Entry and T-Account Please
31 The company paid office salaries expense of $110,000 and sales commissions expense of $35,000. Federal Income Tax withheld was $29,000. Other information related to payroll and payroll tax expense. The company recorded salaries expense and payroll tax expense. Social security taxes @ 6.2% of gross pay Medicare taxes @1.45% of gross pay Federal Unemployment of 5.4% on $36,000 of qualifying gross pay Retirement contributions were withheld from employees' paycheck totaling $7,250 These amounts were...
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