Wage expenses from January 1 – June 30 $487,000. Pay this in full including your beginning...
Wage expenses from January 1 – June 30 $487,000. Pay this in full including your beginning balance in wages payable. What is the journal entry(s)? Beginning balance is 35,000
Homework Answers
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| Please find below the answer | ||
| Statement showing Computations | ||
| Particulars | Amount | |
| Beginning Balance | 35,000.00 | |
| Wages expense | 487,000.00 | |
| Total wages payable | 522,000.00 | |
| Debit | Credit | |
| Wages expense Dr | 35,000.00 | |
| Wages payable Dr | 487,000.00 | |
| To Cash | 522,000.00 | |
| Note - Assumed wages expense from January 1 – June 30 have not been accrued till payment date | ||
| If Wages expense have been accrued then entry would be | ||
| Wages payable Dr | 522,000.00 | |
| To Cash | 522,000.00 | |
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Wage expenses from January 1 – June 30 $487,000. Pay this in
full including your beginning...
BARCELONA INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $ 86,300...
BARCELONA INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
86,300
$
41,700
Accounts receivable, net
78,000
61,000
Inventory
66,000
92,000
Prepaid expenses
5,000
6,300
Total current assets
235,300
201,000
Equipment
153,000
142,000
Accum. depreciation—Equipment
(39,000
)
(13,000
)
Total assets
$
349,300
$
330,000
Liabilities and Equity
Accounts payable
$
30,000
$
36,000
Wages payable
8,000
19,000
Income taxes payable
3,600
4,000
Total current liabilities
41,600
59,000
Notes payable (long term)
38,000
75,000
Total...
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BARCELONA INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
86,300
$
41,700
Accounts receivable, net
78,000
61,000
Inventory
66,000
92,000
Prepaid expenses
5,000
6,300
Total current assets
235,300
201,000
Equipment
153,000
142,000
Accum. depreciation—Equipment
(39,000
)
(13,000
)
Total assets
$
349,300
$
330,000
Liabilities and Equity
Accounts payable
$
30,000
$
36,000
Wages payable
8,000
19,000
Income taxes payable
3,600
4,000
Total current liabilities
41,600
59,000
Notes payable (long term)
38,000
75,000
Total...
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