Answer:
Requirement a
Entry on 31.12.2021
Salaries Expense 12000
Salaries Payable 12000
(Dec 31 is a Wednesday so 20000 x 3/5 )
Requirement b
Entry on 2.1.2022
Salaries Payable 12000
Salaries Expense 8000
Cash 20000
(20000 x 2/5 )
The employees of XYZ, Inc., are paid each Friday. The company's fiscal year-end is December 31,...
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are eamed evenly throughout the five-day work week, and $14,000 will be paid on Friday, July 2, Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on July 2. 2. Prepare journal entries...
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $16,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on July 2. 2. Prepare journal entries...
Problem 3-Adjusting and Reversing Entries Employees at Wallstrom Company are paid every Friday for the five-day week ending on that day. Salaries amount to $5,000 per wook. December 31 is a Wednesday, Instructions a Prepare the necessary adjusting entry at December 31, 2020. b. If the company chooses to use reversing entries, on what date would it make the entry and what is the journal entry? c. Assuming that the company made the reversing entry in (b), what would be...
Exercise 2-21 (Algo) Reversing entries (Appendix 2B) The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $21,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries...
Company A's business involves hosting several concerts per year. The company's year-end is December 31, 2021. The company records all prepaid costs as assets and all uneamed revenues as liabilities and adjusts accounts annually. 1. Prepaid supplies amounted to $945 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,955 cash On December 31, 2021, a physical count showed that prepaid supplies on hand amounted to $840. 2. Purchased equipment on August 1, 2021, for $47,520...
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $22,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on July 2. 2. Prepare journal entries...
Exercise 2-21 (Algo) Reversing entries (Appendix 2B] The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday fort current year. Salaries are earned evenly throughout the five-day work week, and $19,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on...
The employees of Xitrex, Inc., are paid each Friday. The
company’s fiscal year-end is June 30, which falls on a Wednesday
for the current year. Salaries and wages are earned evenly
throughout the five-day work week, and $11,000 will be paid on
Friday, July 2.
Required:
1. Prepare an adjusting entry to record the
accrued salaries and wages as of June 30, a reversing entry on July
1, and an entry to record the payment of salaries and wages on...
Company A's business involves hosting several concerts per year. The company's year-end is December 31, 2021. The company records all prepaid costs as assets and all unearned revenues as liabilities and adjusts accounts annually. 1. Prepaid supplies amounted to $835 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,890 cash. On December 31, 2021, a physical count showed that prepaid supplies amounted to $940. 2. Purchased equipment on August 1, 2021, for $50,400 cash. The...
Silicon Chip Company's fiscal year-end is December 31. At the end of 2018, it owed employees $24,000 in salaries and wages that will be paid on January 7, 2019. Required: 1. Prepare an adjusting entry to record accrued salaries and wages, a reversing entry on January 1, 2019, and an entry to record the payment of salaries and wages on January 7, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account...