Homework Answers
Journal entry
| No | General Journal | Debit | Credit |
| Salaries payable | 11200 | ||
| Salaries expense | 90400 | ||
| Cash | 101600 | ||
So answer is c) Debit salaries payable $11200; Debit salaries expense $90400; Credit Cash $101600
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Assume that no reversing entries are made by this firm. If wages of $11 200 were...
At the end of an accounting period wages expense of $190 000 is closed to the...
At the end of an accounting period wages expense of $190 000 is closed to the profit and loss summary account. The wages are made up of $180 000 paid in cash and accrued wages of $10 000. A reversing entry is made for accrued wages on the first day of the next accounting period. The first payment to employees for wages in the new year is $25 000. How would this payment be recorded? Select one: O a. Debit...
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Exercise 2-21 (Algo) Reversing entries (Appendix 2B) The employees of Xitrex, Inc., are paid each Friday....
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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...
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The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30,...
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...
Exercise 2-21 (Algo) Reversing entries (Appendix 2B] The employees of Xitrex, Inc., are paid each Friday....
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...
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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...
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870...
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870 for salaries. On January 4 2022, it paid salaries of $3,140: $1,870 for December salaries and $1,270 for January salaries. port Your answer is correct. Prepare the December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account...
Problem 4-BA The following accounting items were found in the journal of Wildhorse Company: 1. 2....
Problem 4-BA The following accounting items were found in the journal of Wildhorse Company: 1. 2. 3. 4. S. 6. 7. 8. The payment of the current month's rent for $590 was recorded as a debit to Interest Payable and a credit to Cash, both for $590. (Note: This had not been previously accrued.) The collection of an account receivable for $480 was debited to Cash and credited to Service Revenue, both for $480. A payment for Utilities Expense of...
At the end of an accounting period wages expense of $190 000 is closed to the profit and loss summary account. The wages are made up of $180 000 paid in cash and accrued wages of $10 000. A reversing entry is made for accrued wages on the first day of the next accounting period. The first payment to employees for wages in the new year is $25 000. How would this payment be recorded? Select one: O a. Debit...
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...
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...
Please prepare the Following on the loose leaf: a. Closing-out entries for One Stop Law Firm LLP for the Fiscal Year Ended December 31, 2019 1. (10%) b. Statement of Owner's Equity and Post-Closed Trial Balance (5 %). One Stop Law Firm LLP Adjusted T rial Balance For the Year Ended December 31, 2019 Credit Debit Account No. Account Titles 5,300 101 Cash 10,800 112 Accounts Receivable 1,500 126 Supplies 2,000 130 Prepaid Insurance 157 Equipment 158 Accumulated Depreciation-Equipment 27,000...
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...
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...
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870 for salaries. On January 4 2022, it paid salaries of $3,140: $1,870 for December salaries and $1,270 for January salaries. port Your answer is correct. Prepare the December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account...
Problem 4-BA The following accounting items were found in the journal of Wildhorse Company: 1. 2. 3. 4. S. 6. 7. 8. The payment of the current month's rent for $590 was recorded as a debit to Interest Payable and a credit to Cash, both for $590. (Note: This had not been previously accrued.) The collection of an account receivable for $480 was debited to Cash and credited to Service Revenue, both for $480. A payment for Utilities Expense of...
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