Whispering Winds Company pays salaries of $10,320 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Whispering Winds’s employees have worked 2 days without being paid at the end of the fiscal year.
Homework Answers
Journal entry
| Date | General Journal | Debit | Credit |
| Dec 31 | Salaries and wages expense (10320/5*2) | 4128 | |
| Salaries and wages payable | 4128 | ||
| Jan 6 | Salaries and wages payable | 4128 | |
| Salaries and wages expense | 6192 | ||
| Cash | 10320 | ||
Journal entry
| Date | General Journal | Debit | Credit |
| Dec 31 | Salaries and wages expense (10320/5*2) | 4128 | |
| Salaries and wages payable | 4128 | ||
| Jan 1 | Salaries and wages payable | 4128 | |
| Salaries and wages expense | 4128 | ||
| Jan 6 | Salaries and wages expense | 10320 | |
| Cash | 10320 | ||
Add Answer to:
Whispering Winds Company pays salaries of $10,320 every Monday
for the preceding 5-day week (Monday through...
Blue Spruce Company pays salaries of $10,140 every Monday for the preceding 5 day week (Monday...
Blue Spruce Company pays salaries of $10,140 every Monday for the preceding 5 day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Blue Spruce's employees have worked 2 days without being paid at the end of the fiscal year. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Blue Spruce pays the payroll. (Credit account titles are automatically indented when amount is entered....
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...
Struggling on these problems. Any help would be greatly appreciated! Krantz Company pays salaries of $15,000...
Struggling on these problems. Any help
would be greatly appreciated!
Krantz Company pays salaries of $15,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Krantz's employees have worked 2 days without being paid at the end of the fiscal year. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Krantz pays the payroll. (Credit account titles are...
Assume the company does use reversing entries. Prepare the December 31 adjusting entry, the January 1...
Assume the company does use reversing entries. Prepare the
December 31 adjusting entry, the January 1 reversing 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 presented in the problem.)
Your answer is correct. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when...
Question 3 Whispering Winds, Inc., a private company that applies ASPE, incurred $14,400 in materials and...
Question 3
Whispering Winds, Inc., a private company that applies ASPE,
incurred $14,400 in materials and $12,700 in direct labour costs
between January and March 2017 to develop a new product. In May
2017, the criteria required to capitalize development costs were
met. A further $49,400 was spent for materials, $16,200 for direct
labour costs, $3,100 for borrowing costs, and $66,100 for directly
related legal fees.
Prepare the appropriate journal entries. (Credit
account titles are automatically indented when the amount...
Problem 13-13 To increase the sales of its Sugar Kids breakfast cereal, Whispering Winds Foods Limited...
Problem 13-13 To increase the sales of its Sugar Kids breakfast cereal, Whispering Winds Foods Limited places one coupon in each cereal box. Five coupons are redeemable for a premium consisting of a child's hand puppet. In 2017, Whispering Winds purchases 41,400 puppets at $1.65 each and sells 489,000 boxes of Sugar Kids at $3.05 a box. Whispering Winds estimates that $0.20 of the sale price relates to the hand puppet to be awarded. From its experience with other similar...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31,...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: Cost 5,000 shares of Thomas Corp., Common $151,000 10,000 shares of Gant, Common 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
Exercise 13-2 The following are selected 2017 transactions of Whispering Winds Corporation Purchased inventory from Orion...
Exercise 13-2 The following are selected 2017 transactions of Whispering Winds Corporation Purchased inventory from Orion Company on account for $42,900. Whispering Winds uses a periodic inventory system and records purchases using the gross method of accounting for purchase discounts. Issued a $42,900, 12-month, 8% note to Orion in payment of whispering winds's account. Borrowed $75,300 from the bank by signing a 12-month, non-interest-bearing $80,300 note. Sept. 1 Oct. 1 1 Prepare journal entries for the selected transactions above. (Credit...
On December 31, 2020, Whispering Winds Cabs Incorporated was granted 17 taxi licences by the City...
On December 31, 2020, Whispering Winds Cabs Incorporated was granted 17 taxi licences by the City of Somerdale, at a cost of $1,620 per licence. It is probable that Whispering Winds Cabs will receive the expected future economic benefits of the taxi licences. There is an active market for taxi licences in Somerdale. (a) Prepare the journal entry to record the costs incurred. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no...
Brief Exercise 3-11 Whispering Winds Corp. has the following transactions during August of the current year...
Brief Exercise 3-11 Whispering Winds Corp. has the following transactions during August of the current year Aug. 1 Issues shares of common stock to investors in exchange for $10,800. 4 Pays insurance in advance for 3 months, $1,200. 16 Receives $730 from clients for services rendered. 27 Pays the secretary $580 salary Joumalize the transactions (ar no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount...
Blue Spruce Company pays salaries of $10,140 every Monday for the preceding 5 day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Blue Spruce's employees have worked 2 days without being paid at the end of the fiscal year. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Blue Spruce pays the payroll. (Credit account titles are automatically indented when amount is entered....
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...
Struggling on these problems. Any help
would be greatly appreciated!
Krantz Company pays salaries of $15,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Krantz's employees have worked 2 days without being paid at the end of the fiscal year. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Krantz pays the payroll. (Credit account titles are...
Assume the company does use reversing entries. Prepare the
December 31 adjusting entry, the January 1 reversing 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 presented in the problem.)
Your answer is correct. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when...
Question 3
Whispering Winds, Inc., a private company that applies ASPE,
incurred $14,400 in materials and $12,700 in direct labour costs
between January and March 2017 to develop a new product. In May
2017, the criteria required to capitalize development costs were
met. A further $49,400 was spent for materials, $16,200 for direct
labour costs, $3,100 for borrowing costs, and $66,100 for directly
related legal fees.
Prepare the appropriate journal entries. (Credit
account titles are automatically indented when the amount...
Problem 13-13 To increase the sales of its Sugar Kids breakfast cereal, Whispering Winds Foods Limited places one coupon in each cereal box. Five coupons are redeemable for a premium consisting of a child's hand puppet. In 2017, Whispering Winds purchases 41,400 puppets at $1.65 each and sells 489,000 boxes of Sugar Kids at $3.05 a box. Whispering Winds estimates that $0.20 of the sale price relates to the hand puppet to be awarded. From its experience with other similar...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: Cost 5,000 shares of Thomas Corp., Common $151,000 10,000 shares of Gant, Common 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
Exercise 13-2 The following are selected 2017 transactions of Whispering Winds Corporation Purchased inventory from Orion Company on account for $42,900. Whispering Winds uses a periodic inventory system and records purchases using the gross method of accounting for purchase discounts. Issued a $42,900, 12-month, 8% note to Orion in payment of whispering winds's account. Borrowed $75,300 from the bank by signing a 12-month, non-interest-bearing $80,300 note. Sept. 1 Oct. 1 1 Prepare journal entries for the selected transactions above. (Credit...
On December 31, 2020, Whispering Winds Cabs Incorporated was granted 17 taxi licences by the City of Somerdale, at a cost of $1,620 per licence. It is probable that Whispering Winds Cabs will receive the expected future economic benefits of the taxi licences. There is an active market for taxi licences in Somerdale. (a) Prepare the journal entry to record the costs incurred. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no...
Brief Exercise 3-11 Whispering Winds Corp. has the following transactions during August of the current year Aug. 1 Issues shares of common stock to investors in exchange for $10,800. 4 Pays insurance in advance for 3 months, $1,200. 16 Receives $730 from clients for services rendered. 27 Pays the secretary $580 salary Joumalize the transactions (ar no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount...
Most questions answered within 3 hours.
-
lease solve all the
questions, don't need to explanations
Q1 - All animal
species have general...
asked 1 hour ago -
Business Phasing
1.Discuss the logical progression for growing a business, which
starts from the initial idea...
asked 1 hour ago -
Modify
When executing on the command line having only
this program name, the program will accept...
asked 2 hours ago -
Kenny Electric Company's noncallable bonds were issued several
years ago and now have 20 years to...
asked 2 hours ago -
find H(e^Jtheta) at theta= 0, pi/10, pi/20, pi/2 for
the following:
a) H(e^Jtheta)= 1+e^Jtheta
b) H(e^Jtheta)=...
asked 3 hours ago -
Home Corporation will open a new store on January 1. Based on
experience from its other...
asked 3 hours ago -
In a neoclassical model, use the IS-LM to analyze the effect of
a permanent money supply...
asked 4 hours ago -
An electron passes through a point 2.67 cm from a long straight
wire as it moves...
asked 4 hours ago -
A grammar is a 4-tuple G, G = (Ν, Σ, Π, Σ, S) where, Ν is...
asked 5 hours ago -
In this part, calculate the present values. Use the Excel PV
function to compute the present...
asked 5 hours ago -
Part 1. Primitive Types, Sorting, Recursion for
Homework.java
a) Implement the static method initializeArray that receives...
asked 6 hours ago -
Using C++, build a sorter that can rank a sequence of numbers in
a descending order....
asked 6 hours ago