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Q 4.70: Mozer Villa & Spa employs a seven-day workweek (Sunday through Saturday) and a December...
Vaughn Manufacturing employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to...
Vaughn Manufacturing employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to $30240. If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end? O Dr Salaries and Wages Expense $18144 Cr Cash $18144 O Dr Salaries and Expense $6048 Cr Salaries and Wages Payable $6048 O Dr Salaries and Wages Expense $30240 Cr Salaries and Wages Payable $30240 O Dr Salaries and Wages Expense $18144 Cr Salaries and Wages Payable...
Normal No Spa Heading Heading 2 4 Reg Font Title Paragraph Styles Editing EX 3-5 Adjusting...
Normal No Spa Heading Heading 2 4 Reg Font Title Paragraph Styles Editing EX 3-5 Adjusting Entries for Accrued Salaries • Obj. 2 Paradise Realty Co, pays weekly salaries of $25,500 on Friday for a five- day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Monday and (b) on Thursday EX 3-9 Adjusting Entries for Unearned Fees • Obj. 3 The balance in the...
Cullumber Company has the following information available for accruals for the year ended December 31, 2022....
Cullumber Company has the following information available for accruals for the year ended December 31, 2022. The company adjusts its accounts annually. 1. 2. 3. The December utility bill for $315 was unrecorded on December 31. Cullumber paid the bill on January 11. Cullumber is open 7 days a week and employees are paid a total of $2,590 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday,...
Exercise 4-17 Sheffield Corp. has the following information available for accruals for the year ended December...
Exercise 4-17 Sheffield Corp. has the following information available for accruals for the year ended December 31, 2017. The company adjusts its accounts annually. 1. 2. 3. 4. 5. The December utility bill for $450 was unrecorded on December 31. Sheffield paid the bill on January 11. Sheffield is open 7 days a week and employees are paid a total of $3,710 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4...
2019 Exam 33. Equipment with an estimated residual value at acquisitionof $15,000 was sold on December...
2019 Exam 33. Equipment with an estimated residual value at acquisitionof $15,000 was sold on December 31, for $20,000 cas The following data were available at the time of sale: $100,000 85,000 Acquisition cost Accumulated depreciation on December 31, after adjustment When this transaction is recorded, it should include a a. debit of $80,000 to the Loss on Disposal account. b. credit of $20,000 to the Equipment account. c. credit of $5,000 to the Gain on Disposal account. d. debit...
Crane Company has the following information available for accruals for the year ended December 31, 2020....
Crane Company has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually. 1. The December utility bill for $430 was unrecorded on December 31. Crane paid the bill on January 11. Crane is open 7 days a week and employees are paid a total of $4,900 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31)...
Crane Company pays salaries of $10,630 every Monday for the preceding 5-day week (Monday through Friday)....
Crane Company pays salaries of $10,630 every Monday for the
preceding 5-day week (Monday through Friday). Assume December 31
falls on a Tuesday, so Crane’s employees have worked 2 days without
being paid at tAssume the company does not use reversing entries.
Prepare the December 31 adjusting entry and the entry on Monday,
January 6, when Crane pays the payroll. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. Record journal entries in the order...
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of...
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of $950 on December 13 and $1,200 on December 27. As of December 31, NetSolutions owes $250 wages to employees for Monday and Tuesday, December 30 and 31. 250 Dec. 31 Wages Expense Wages Payable Accrued wages. 51 22 250 O NetSolutions paid wages of $1,275 on January 10. This payment includes the $250 of accrued wages recorded on December 31. Jan. 10 Wages Expense...
CALCULATOR PRINTER VERSION 4 BACK NEXT Exercise 4-17 Marigold Corp. has the following information available for...
CALCULATOR PRINTER VERSION 4 BACK NEXT Exercise 4-17 Marigold Corp. has the following information available for accruals for the year ended December 31, 2017. The company adjusts its accounts annually. 1. 2. 3. The December utility bill for $330 was unrecorded on December 31, Marigold paid the bill on January 11. Marigold is open 7 days a week and employees are paid a total of $2,730 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees...
A manufacturing company's weekly payroll is $80,000 for a 5-day work week beginning each Monday and...
A manufacturing company's weekly payroll is $80,000 for a 5-day work week beginning each Monday and ending each Friday. The last time salaries and wages were recorded was Friday, December 26. What adjustment is needed on December 31, the last day of the company's fiscal period? a. No adjustment is necessary since the next payday will not occur until the following year. Ob. Decrease cash by $48,000. c. Increase wages expense by $48,000. Od. Decrease wages payable by $48,000. Klinc...
Vaughn Manufacturing employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to $30240. If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end? O Dr Salaries and Wages Expense $18144 Cr Cash $18144 O Dr Salaries and Expense $6048 Cr Salaries and Wages Payable $6048 O Dr Salaries and Wages Expense $30240 Cr Salaries and Wages Payable $30240 O Dr Salaries and Wages Expense $18144 Cr Salaries and Wages Payable...
Normal No Spa Heading Heading 2 4 Reg Font Title Paragraph Styles Editing EX 3-5 Adjusting Entries for Accrued Salaries • Obj. 2 Paradise Realty Co, pays weekly salaries of $25,500 on Friday for a five- day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Monday and (b) on Thursday EX 3-9 Adjusting Entries for Unearned Fees • Obj. 3 The balance in the...
Cullumber Company has the following information available for accruals for the year ended December 31, 2022. The company adjusts its accounts annually. 1. 2. 3. The December utility bill for $315 was unrecorded on December 31. Cullumber paid the bill on January 11. Cullumber is open 7 days a week and employees are paid a total of $2,590 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday,...
Exercise 4-17 Sheffield Corp. has the following information available for accruals for the year ended December 31, 2017. The company adjusts its accounts annually. 1. 2. 3. 4. 5. The December utility bill for $450 was unrecorded on December 31. Sheffield paid the bill on January 11. Sheffield is open 7 days a week and employees are paid a total of $3,710 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4...
2019 Exam 33. Equipment with an estimated residual value at acquisitionof $15,000 was sold on December 31, for $20,000 cas The following data were available at the time of sale: $100,000 85,000 Acquisition cost Accumulated depreciation on December 31, after adjustment When this transaction is recorded, it should include a a. debit of $80,000 to the Loss on Disposal account. b. credit of $20,000 to the Equipment account. c. credit of $5,000 to the Gain on Disposal account. d. debit...
Crane Company has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually. 1. The December utility bill for $430 was unrecorded on December 31. Crane paid the bill on January 11. Crane is open 7 days a week and employees are paid a total of $4,900 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31)...
Crane Company pays salaries of $10,630 every Monday for the
preceding 5-day week (Monday through Friday). Assume December 31
falls on a Tuesday, so Crane’s employees have worked 2 days without
being paid at tAssume the company does not use reversing entries.
Prepare the December 31 adjusting entry and the entry on Monday,
January 6, when Crane pays the payroll. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. Record journal entries in the order...
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of $950 on December 13 and $1,200 on December 27. As of December 31, NetSolutions owes $250 wages to employees for Monday and Tuesday, December 30 and 31. 250 Dec. 31 Wages Expense Wages Payable Accrued wages. 51 22 250 O NetSolutions paid wages of $1,275 on January 10. This payment includes the $250 of accrued wages recorded on December 31. Jan. 10 Wages Expense...
CALCULATOR PRINTER VERSION 4 BACK NEXT Exercise 4-17 Marigold Corp. has the following information available for accruals for the year ended December 31, 2017. The company adjusts its accounts annually. 1. 2. 3. The December utility bill for $330 was unrecorded on December 31, Marigold paid the bill on January 11. Marigold is open 7 days a week and employees are paid a total of $2,730 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees...
A manufacturing company's weekly payroll is $80,000 for a 5-day work week beginning each Monday and ending each Friday. The last time salaries and wages were recorded was Friday, December 26. What adjustment is needed on December 31, the last day of the company's fiscal period? a. No adjustment is necessary since the next payday will not occur until the following year. Ob. Decrease cash by $48,000. c. Increase wages expense by $48,000. Od. Decrease wages payable by $48,000. Klinc...
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