Chavez estimated and must expense $8,000 of accrued.... (Prepare Entries.)
Homework Answers
Journal Entries:
| No | Date | Account Titles and Explanation | Debit | Credit |
| a) | Dec. 31. | Vacation Benefits Expense | $8,000 | |
| Vacation Benefits Payable | $8,000 | |||
| (To record the accrual of vacation benefit for the year) | ||||
| b) | Aprl. 1 | Vacation Benefits Payable | $500 | |
| Cash | $500 | |||
| (To record the payment of vacation benefits for one week) |
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Chavez estimated and must expense $8,000 of accrued....
(Prepare Entries.)
Chavez estimated and must expense $8,000...
Chavez estimated and must expense $7,100 of accrued vacation benefits for the year. (a) Prepare the...
Chavez estimated and must expense $7,100 of accrued vacation benefits for the year. (a) Prepare the December 31 year-end adjusting entry for accrued vacation benefits. (b) Prepare the entry on April 1 of the next year when an employee takes a one-week vacation and is paid $330 cash for that week.
Exercise 3-4 Preparing adjusting entries LO P1, P3, P4 a. Wages of $8,000 are earned by...
Exercise 3-4 Preparing adjusting entries LO P1, P3, P4 a. Wages of $8,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $12,040. c. The Office Supplies account had a $440 debit balance at the beginning of the year. During the year, $5,464 of office supplies are purchased. A physical count of supplies at December 31 shows $596 of supplies available. d. The Prepaid Insurance account had a...
Exercise 3-2 Adjusting and paying accrued wages LO P3 Pablo Management has five employees, each of...
Exercise 3-2 Adjusting and paying accrued wages LO P3 Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday,...
please answer 8&9 00 Exercise 9-12 Accounting for estimated liabilities LO P4 Listed below are a...
please answer 8&9
00 Exercise 9-12 Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company - 1. Employees eam vacation pay at a rate of one day per month. During December 24 employees qualify for one vacation day cach. Thelt average daily wage is $10 per employee 2. During December, Maxum Company sold 3700 units of a product that carries a 60-day warranty, December sales for this product total $133,000. The company...
Exercise 3-2 Adjusting and paying accrued wages LO P3 Pablo Management has seven employees, each of...
Exercise 3-2 Adjusting and paying accrued wages LO P3 Pablo Management has seven employees, each of whom earns $225 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the seven employees worked Monday, December 31, and Wednesday through Friday, January 23, and 4. New Year's Day (January 1) was an unpaid holiday Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January...
3.33 a. On April 1, the company hired an attorney for a flat monthly fee of...
3.33 a. On April 1, the company hired an attorney for a flat monthly fee of $3,000. Payment for April legal services was made by the company on May 12. b. As of April 30, $1,073 of interest expense has accrued on a note payable. The full interest payment of $3.220 on the note is due on May 20. c. Total weekly salaries expense for all employees is $8,000. This amount is paid at the end of the day on...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
for each of the above separate cases, prepare adjusting entries required of financial statem December 31...
for each of the above separate cases, prepare adjusting entries required of financial statem December 31 View transaction list Journal entry worksheet The Prepaid Insurance account had a $5,000 balance at the beginning of December. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Prev 2 of 4 ! N
Exercise 2-23 Reversing entries (Appendix 2B] Prepare the necessary adjusting entries at December 31, 2018, for...
Exercise 2-23 Reversing entries (Appendix 2B] Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded I. On October 1, 2018. Microchip lent S91.000 to another company A note was signed with principal and 8% interest to be paid on September 30, 2019. 2. On November 1, 2018, the company paid its landlord $9,600 representing...
n QS 3-9 Adjusting for depreciation LO P1 Barga Company purchases $20,000 of equipment on January...
n QS 3-9 Adjusting for depreciation LO P1 Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2.000 at the end of that time. Prepare the entry to record one year's depreciation expense for the equipment as of December 31. (if no entry is required for a transaction event, select "No journal entry required in the first account field.) ped View transaction list Journal entry worksheet Record the depreciation...
Exercise 3-4 Preparing adjusting entries LO P1, P3, P4 a. Wages of $8,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $12,040. c. The Office Supplies account had a $440 debit balance at the beginning of the year. During the year, $5,464 of office supplies are purchased. A physical count of supplies at December 31 shows $596 of supplies available. d. The Prepaid Insurance account had a...
Exercise 3-2 Adjusting and paying accrued wages LO P3 Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday,...
please answer 8&9
00 Exercise 9-12 Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company - 1. Employees eam vacation pay at a rate of one day per month. During December 24 employees qualify for one vacation day cach. Thelt average daily wage is $10 per employee 2. During December, Maxum Company sold 3700 units of a product that carries a 60-day warranty, December sales for this product total $133,000. The company...
Exercise 3-2 Adjusting and paying accrued wages LO P3 Pablo Management has seven employees, each of whom earns $225 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the seven employees worked Monday, December 31, and Wednesday through Friday, January 23, and 4. New Year's Day (January 1) was an unpaid holiday Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January...
3.33 a. On April 1, the company hired an attorney for a flat monthly fee of $3,000. Payment for April legal services was made by the company on May 12. b. As of April 30, $1,073 of interest expense has accrued on a note payable. The full interest payment of $3.220 on the note is due on May 20. c. Total weekly salaries expense for all employees is $8,000. This amount is paid at the end of the day on...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
for each of the above separate cases, prepare adjusting entries required of financial statem December 31 View transaction list Journal entry worksheet The Prepaid Insurance account had a $5,000 balance at the beginning of December. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Prev 2 of 4 ! N
Exercise 2-23 Reversing entries (Appendix 2B] Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded I. On October 1, 2018. Microchip lent S91.000 to another company A note was signed with principal and 8% interest to be paid on September 30, 2019. 2. On November 1, 2018, the company paid its landlord $9,600 representing...
n QS 3-9 Adjusting for depreciation LO P1 Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2.000 at the end of that time. Prepare the entry to record one year's depreciation expense for the equipment as of December 31. (if no entry is required for a transaction event, select "No journal entry required in the first account field.) ped View transaction list Journal entry worksheet Record the depreciation...
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